Digital World Financial - Michael Purvis and John Pittaro fined
Decisions and Freeze and cease trade orders Securities
Montréal – On June 2, 2010, Michael Purvis and John Pittaro were found guilty on charges of violating the Securities Act in connection with the activities of Digital World Financial Inc. and fined a total of $18,000.
Judge Jean-Paul Braun of the Court of Québec, district of Montréal, imposed a fine of $12,000 on Michael Purvis. He was found guilty, on two occasions, of acting illegally as a securities dealer and aiding Digital World Financial Inc. in making illegal distributions.
Judge Braun imposed a fine of $6,000 on John Pittaro for acting illegally as a securities dealer and aiding Digital World Financial Inc. in making illegal distributions.
In September 2008, the Autorité des marchés financiers (AMF) launched six legal procedings in the matter of Digital World Financial Inc. in which it filed 89 charges and sought fines of nearly $1,200,000. To date, four individuals have been found guilty: Michael J. Moore, Christian Viau, Michael Purvis and John Pittaro.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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