Montréal - At the request of the Autorité des marchés financiers ("AMF") and following consent from the respondents, the Bureau de décision et de révision ("Bureau") recently issued orders against Joseph Gerard Otis, also known as Gerry Otis, and related companies, 9110-3176 Québec inc., 9116-4152 Québec inc. and 9179-1178 Québec inc., prohibiting them from carrying out any transaction in derivatives and from acting as a derivatives adviser, including via the Internet.
As well, the Bureau ordered the withdrawal of any messages published or transmitted by Joseph Otis in classified ads carried on the Internet or elsewhere.
The orders are further to an AMF investigation in which an AMF investigator, using a fictional ID, contacted Joseph Otis at the number given in the ads. Otis tried to convince the investigator to entrust him with cash so he could make it "grow" on the foreign exchange market, as he claims to be doing with a dozen clients.
In the course of the investigation, an individual also contacted the AMF, alleging that he was the victim of fraud after responding to one of the ads. A few months after entrusting $5,000 to Joseph Otis, the victim realized that his money had never been invested.
In its decision, the Bureau stated that "[translation] it is important that Joseph Otis (Gerry Otis), respondent, and the other respondents in this matter cease operating in a field for which they are clearly not qualified. This individual obviously does not have the training or experience needed to operate in the derivatives industry."
Reminder to investors
The AMF reminds investors of five easy steps to help them determine possible fraud. Go to our website to help protect yourself against fraud, including Internet and social media fraud.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial sector.
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