AMF prosecutes Kamran Shahid, Imran Shahid and 9322-5746 Québec inc.

Insurance

Montréal – The Autorité des marchés financiers (the “AMF”) has instituted penal proceedings in the judicial district of Montréal against Kamran Shahid, Imran Shahid and the company 9322-5746 Québec inc., of which Kamran Shahid is the primary shareholder and sole director. A total of 52 counts were filed.

Kamran Shahid faces 29 counts: 13 counts of making a misrepresentation to an insurer when pursuing activities governed by the Act respecting the distribution of financial products and services (the “Distribution Act”), 11 counts of aiding in the illegal pursuit of activities as an insurance representative, two counts of making a misrepresentation to a client when pursuing activities governed by the Distribution Act, two counts of contravening the instructions of a client and one count of contravening a decision of the Financial Markets Administrative Tribunal (the “Tribunal”).

Imran Shahid faces 23 counts: 12 counts of making a misrepresentation to a client when pursuing activities governed by the Distribution Act and 11 counts of illegally pursuing activities as an insurance representative.

Lastly, 9322-5746 Québec inc. faces one count for contravening a decision of the Tribunal.

Kamran Shahid, Imran Shahid and the companies 9322-5746 Québec inc. and 7267711 Canada inc. have been subject to freeze and cease trade orders since December 15, 2015.

The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.

– 30 –

Information:

Media only:
Sylvain Théberge: 514-940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
Twitter:@lautorite This link will open in a new window
LinkedIn : Autorité des marchés financiers (Québec)This link will open in a new window

Additional news