Decisions and Freeze and cease trade orders Securities

Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision (the "Bureau") issued an order on February 11, 2010 prohibiting RATIO Capital Asset Management Corp., Denis Hamel and Christophe Leconte from pursuing activities as securities advisers. The Bureau also ordered a shutdown of their website (

This intervention by the AMF is related, in particular, to the alertness of a consumer who investigated before investing.

The AMF alleges that RATIO Capital Asset Management Corp. and its officers, Denis Hamel and Christophe Leconte, used the website to illegally solicit Québec investors for managing their self-directed investment accounts.

In its decision, the Bureau stated that it was particularly concerned about the following allegations and facts presented by the AMF:

  • The respondents pursued activities as advisers without being registered, as required, with the AMF.
  • The AMF alleges that the respondents knowingly violated the law by developing a structure to sidestep the enforcement of a public policy statute.
  • Based on the information posted on the website, the four proposed portfolio models generated annual returns of 29.49%, 38.91%, 38.98% and 47.48% since 1997, whereas Mr. Hamel developed an investment strategy using computer simulation research only in 2004.
  • Investors were unable to make informed investment decisions based on the website information, and may have been lured by the promise of high returns and by statements that risk is "controlled at all times" and that "when the market is down, you get out."
  • The advice offered did not take into account an investor's financial position, risk tolerance and investment objectives.

In its request, the AMF highlighted the importance of protecting consumers and the public interest.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

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