Montréal - On October 13, 2015, at the courthouse in Longueuil, Asim Ahmed pleaded guilty to six charges brought against him under the Criminal Code for fraud, laundering proceeds of crime and uttering forged documents. He was sentenced to a four-year prison term. Investors lost almost $1,100,000 in this matter.

In connection with this matter, which was uncovered by Case Assessment and Cybersurveillance at the Autorité des marchés financiers ("AMF"), the Bureau de décision et de révision ("Bureau") issued freeze and cease trade orders in April 2014 against Asim Ahmed, Mahmood Ahmed and Le groupe Financier Bloomer Inc.

In the summer of 2014, the matter was taken over by the organized financial crime investigations unit of the Sûreté du Québec, made up of members from the SQ and the AMF. On November 13, 2014, Asim Ahmed was arrested. He has been in custody ever since.

Asim Ahmed and his firm promoted dealer and advisory activities through social media (Facebook, on the firm's website, Twitter, LinkedIn). The respondents stated that they managed investors' portfolios and posted information about investment returns that was generally incorrect, either with respect to the volume actually traded or the actual returns generated.

Are you vulnerable to fraud?

The AMF provides consumers with tools and advice to help prevent fraud. A guide in particular highlights 5 easy steps for determining possible fraud. If you think you've been the target of fraud, don't hesitate to report suspicious activity.

The Autorité des marchés financiers (the AMF) 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
www.lautorite.qc.ca
Twitter: @lautorite This link will open in a new window