Application for suspension of execution dismissed for Jacques Gagné
Securities Decisions and Freeze and cease trade orders
Montréal – On December 13, 2006, the Bureau de décision et de révision en valeurs mobilières (BDRVM) dismissed an application for suspension of execution presented by Jacques Gagné.
On May 11, 2006, the Bureau de décision et de révision en valeurs mobilières (BDRVM) confirmed its decision of March 24, 2005 prohibiting Jacques Gagné from trading in securities and from acting as a securities adviser, pursuant to sections 265 and 266 of the Securities Act. On June 12, 2006, Mr. Gagné filed an appeal with the Court of Québec. In view of this appeal, Mr. Gagné applied to the BDRVM for a suspension of the execution of its decision of May 11, 2006. The BDRVM concluded that this application should be dismissed pursuant to section 329 of the Securities Act.
Mr. Gagné invested a person’s funds without being registered as a securities adviser with the AMF. Because of the urgency of the situation, the BDRVM decided, on March 24, 2005, that it was in the public interest to issue the orders referred to above, without a prior hearing. On July 6, 2005, Mr. Gagné exercised his right to a hearing within 15 days following the decision. Further to the hearing, the BDRVM confirmed its decision of March 24, 2005.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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