Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision (the “Bureau”) issued freeze and cease trade orders against Raphaël Huppé, Vida Pharma Internation Corporation and Effective Control Corporation.
Specifically, the Bureau ordered Raphaël Huppé to cease carrying out transactions in any form of investment, including any activity as a securities dealer. Johanne Lepage, Respondent Johanne Lepage should not be confused with the mutual fund representative Johanne Lepage who is attached to the firm BLC Services financiers inc. in Terrebonne and holds certificate No. 121 313, or with the mutual fund representative Johanne Lepage, who is attached to the firm Fonds d'investissement Royal inc. in Blainville and holds certificate No. 157 173, who are not affected by this decision. director, corporate secretary and treasurer of Vida Pharma Internation Corporation and Nicholas Petrella, a director and the president and majority shareholder of Vida Pharma Internation Corporation, are under an order prohibiting them from carrying on any activity, directly or indirectly, in respect of the distribution of shares of Vida Pharma Internation Corporation, which also does business as 6972012 Canada inc., Vida Pharma International and WESPP International. The Bureau also prohibited Manon Chiasson, the sole director of Effective Control Corporation, from carrying out a transaction, directly or indirectly, in the securities of Contrôle Transport Effectif, Effective Control Transport Corporation, Corporation Axiomm Technologies and Corporation Systèmes de repérage Vigil.
As well, the Bureau ordered Raphaël Huppé and Vida Pharma Internation Corporation (also does business as 6972012 Canada inc., Vida Pharma International and WESPP International) and Contrôle Transport Effectif (also does business as ECC Networks and ECC Réseautique) not to dispose of the funds, securities or other assets in their possession.
In its request, the AMF sought immediate intervention by the Bureau given Raphaël Huppé’s recent solicitations. The AMF stressed that it was important to act quickly to help ensure that other investors would not be solicited by Raphaël Huppé and would not accept his investment offer.
The Bureau said it was particularly concerned about the following allegations and facts submitted by the AMF:
- Raphaël Huppé, with help from Johanne Lepage and Manon Chiasson, solicited and distributed shares to inexperienced investors;
- Raphaël Huppé promised investors that the shares of a company would be listed on an exchange soon, thereby violating the Securities Act;
- When he made these solicitations, he was not a registered securities dealer and did not give investors a prospectus approved by the AMF;
- Following Raphaël Huppé’s representations, some consumers invested significant funds, believing that they could make substantial profits in a short period of time;
- Between 2007 and 2009, Raphaël Huppé distributed shares of Contrôle Transport Effectif to some 140 Québec investors for approximately $1,900,000;
- Raphaël Huppé used a company whose particulars cannot be traced and that was to reimburse investors. The company offered to reimburse investors with post-dated cheques, but none of the cheques could be cashed.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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