Illegal practice and distributions without a prospectusDanny Gagné and ISpeedzone Inc. fined $120,000

Securities Decisions and Freeze and cease trade orders

Montréal – On December 16, 2016, Judge Réna Émond of the Court of Québec, judicial district of Québec City, imposed fines totalling $120,000 on Danny GagnéNOTE and ISpeedzone Inc. for illegal practice as a securities dealer.

This decision is further to penal proceedings launched by the Autorité des marchés financiers (the “AMF”) in 2015. Danny Gagné and his company, ISpeedzone, both faced eight counts of illegal practice as a securities dealer and eight counts of making a distribution without a prospectus.

After considering the guilty plea entered by the respondents in relation to the charges filed against them, Judge Émond fined Danny Gagné and ISpeedzone a total of $56,000 and $64,000, respectively.

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

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The respondent Danny Gagné should not be confused with:

  • Danny Gagné who holds certificate No. 166784 in financial planning and is registered as a dealing representative of a mutual fund dealer with Desjardins Financial Services Firm Inc.;
  • Danny Gagné, a trainee in personal-lines damage insurance with insurance firm KBD Inc.

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