Published: January 14, 2009
Securities

Montréal – The Autorité des marchés financiers (AMF) has launched penal proceedings against Efstratios Gavriil and Alfonso Vincenti in the Court of Québec (Criminal and Penal Division), district of Laval, and is seeking fines totalling $700,000.

In its suit against Efstratios Gavriil, the AMF filed 13 charges and is seeking $330,000 in fines for:

  • acting as a dealer without holding the appropriate certificate issued by the AMF, thereby violating section 148 of the Securities Act (the "Act") (8 counts);
  • aiding, by act or omission, Darcy International Financial Holding Inc., with the distribution of a form of investment governed by the Act without holding a prospectus approved by the AMF, thereby violating sections 11 and 208 of the Act (5 counts).

In its suit against Alfonso Vincenti, the AMF filed 13 charges and is seeking $370,000 in fines for:

  • acting as a dealer without holding the appropriate certificate issued by the AMF, thereby violating section 148 of the Act (7 counts);
  • aiding, by act or omission, Darcy International Financial Holding Inc., with the distribution of a form of investment governed by the Act without holding a prospectus approved by the AMF, thereby violating sections 11 and 208 of the Act (6 counts).

The AMF is seeking fines exceeding the minimum fines prescribed under the Act for general deterrence purposes, investor protection and exemplary reasons. In determining the amount of the fines to be imposed, the AMF also took into account the experience of the accused and the harm caused to investors.

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

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