Capital P.V.M. inc. - Four purported dealers fined $38,000
Decisions and Freeze and cease trade orders Securities
Montréal – In recent decisions handed down in the matter of Capital P.V.M. inc., fines totalling $38,000 were imposed on four individuals charged by the Autorité des marchés financiers (AMF) for violating the Securities Act (the "Act").
André Cloutier, Respondent André Cloutier should not be confused with André Cloutier who is attached to HUB International Québec Limitée in Québec City and holds certificate No. 107 409, or with André Cloutier who is attached to Desjardins Financial Services Firm Inc. in Montréal and holds certificate No. 107 411, or with André Cloutier who is attached to the firm Groupe Bérubé, Cloutier et associés inc. in Anjou and to Nal Insurance Inc. in Terrebonne and holds certificate No. 107 412, or with André Cloutier who is attached to the firm Gouin, Perreault, Cloutier et Associés inc. in Saint-Hubert and holds certificate No. 107 413, or with André Cloutier who is attached to Groupe d'assurances Verrier inc. in Trois-Rivières and holds certificate No. 107 414, who are not covered by this decision. who was found guilty on four counts for acting illegally as a securities dealer, was fined $16,000, or four times the minimum penalty set out in the Act.
Daniel Lavoie, Respondent Daniel Lavoie should not be confused with Daniel Lavoie who is attached to National Bank Securities Inc. in Victoriaville and holds certificate No. 120 051, who is not covered by this decision. who was found guilty on three counts (two for acting illegally as a securities dealer and one for aiding with an illegal distribution), was fined $7,000.
Guy Desjardins, Respondent Guy Desjardins should not be confused with Guy Desjardins who is attached to Murray Charest et Ross, courtiers d'assurances générales inc. in Matane and holds certificate No. 152 229, who is not covered by this decision. who was found guilty on three counts for acting illegally as a securities dealer, was fined $12,000, or four times the minimum penalty set out in the Act.
Jean-Pierre Nadeau was found guilty of acting illegally as a securities dealer and fined $3,000.
Another respondent, Claude Valade, was acquitted in November 2009.
Several of the investors defrauded had transferred their funds into self-directed RRSPs, signed a proxy authorizing Capital P.V.M. inc. to manage their accounts and given their passwords to the purported dealers. These funds were then primarily invested in AntOro Resources Inc.
This is an important reminder that investors should ensure that anyone offering a financial product is authorized to do so, by consulting the AMF's on-line Register of firms and individuals authorized to practice or by calling the Information Centre.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec’s financial sector.
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