Cease trade order and freeze order against
Éric Grenier
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 en valeurs mobilières (BDRVM) issued a decision on December 29, 2009 ordering Éric Grenier The respondent Éric Grenier should not be confused with the independent representative in insurance of persons Éric Grenier in Saint-Georges, who holds certificate no. 115 441 and who is not involved in this decision. as well as 9152-7515 Québec inc. and 9103-3597 Québec inc. to cease any activity, directly, indirectly or via the Internet, in respect of a transaction in securities, including the distribution of investment contracts through websites.
As well, the BDRVM ordered Éric Grenier as well as 9152-7515 Québec inc. and 9103-3597 Québec inc. not to dispose of the funds, securities or other assets that are in their possession or on deposit in various bank accounts.
The two firms (9152-7515 Québec inc. and 9103-3597 Québec inc.) also operate under the following names: Les Services Internet Héricom, Les Services Internet DWClick, DUWClick Webmedia, Consultant Héricom, Consultant en réseautique TSF and Radiointernet.ca.
To help ensure compliance with the Securities Act, the BDRVM further ordered the closure of the website www.managesurf.com, which offers a number of investments.
A cease trade order was also issued against Éric Grenier and 9103-3597 Québec inc. in September 2007 for similar activities, namely, solicitation in connection with illegal investments via websites. If Éric Grenier and the two firms fail to abide by these orders, the AMF may launch other proceedings against them.
In its decision, the BDRVM noted that the following allegations and facts as submitted by the AMF were of particular concern:
- The respondents make solicitations via a website for the purpose of investing funds and generating clicks on ads so as to increase the advertising revenue of firms related to Mr. Grenier;
- The proposed investment is presented as a "donation," based on evidence from the AMF, in a bid not to qualify as a security governed by the Securities Act;
- Investors are offered a return of 144%, and the investment is presented as guaranteed and risk-free;
- According to the AMF, a large-scale solicitation in connection with the distribution of these investment contracts takes place through the Internet in Québec and around the world.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial sector.
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