Securities

Montréal – Before Judge Michel J. Côté of the Court of Québec (Criminal and Penal Division) in the district of Saint-François, Constant Vanier pleaded guilty on June 29, 2007 to the 16 charges brought against him by the Autorité des marchés financiers (AMF).

On May 3, 2004, Mr. Vanier was accused of violating the Securities Act, R.S.Q. c. V-1.1 (the “Act”) by:

  • acting as a securities dealer without being registered with the financial market oversight authority, thereby violating section 148 of the Act. The minimum penalty was $1,000 for each charge (8 charges);
  • assisting, by act or omission, Services Financiers Constant Vanier inc. with the distribution of a form of investment governed by the Act without holding a prospectus approved by the financial market oversight authority, thereby violating sections 11 and 208 of the Act. The minimum penalty was $5,000 for each charge (8 charges).

Because of the seriousness of his actions and their impact on the confidence of investors in the financial markets as well as for exemplary reasons, Mr. Vanier was ordered to pay a fine exceeding the minimum penalty under the Act, namely, a fine in the amount of $50,000.

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

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