Montréal - The Autorité des marchés financiers (the "AMF") has launched penal proceedings against Patrick Dupont and Diane Brouillet in the judicial district of Terrebonne. A total of 42 charges have been filed by the AMF for illegal practice as a dealer, making distributions without a prospectus and making misrepresentations.
The AMF intends to prove that Patrick Dupont and Diane Brouillet solicited investors with a view to the illegal distribution of securities issued by either of them or by their company, 9097-5251 Québec inc. (also known as "Heart and Stone"). The couple purportedly promised returns of between 12% and 66.6% per year and claimed that the funds raised would be used for the company's operations or to finance their real estate projects. The couple is alleged to have misappropriated the funds obtained from the illegal distributions for personal use.
Patrick Dupont and Diane Brouillet are each facing six counts of illegal practice as a dealer, six counts of making distributions without a prospectus and nine counts of making misrepresentations. If found guilty, the couple could face a minimum fine of $164,000.
Returns that are too good to be true
Whether on the Internet or in person, offering investments is a regulated activity. Beware of returns that seem too good to be true. The person or company asking for your money must be registered with the AMF. Don't become a victim of fraud. Make sure you check whether the person or company is in the register of firms and individuals authorized to practise.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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