Published: April 21, 2015
Securities

Montréal - Claude Duhamel and Prospector Network Inc. were recently fined a total of $302,500 at the Montréal Courthouse after pleading guilty to 56 charges brought by the Autorité des marchés financiers (the "AMF") involving illegal distribution activities and illegal practice as a securities dealer.

On April 17, 2015, Claude Duhamel and Prospector Network Inc. each pleaded guilty to 14 counts of making distributions without a prospectus and 14 counts of illegal practice as a securities dealer. Judge Sylvie Durand, J.C.Q., confirmed the joint recommendation of the parties regarding sentencing, namely, a $302,500 fine, representing close to twice the minimum penalty set by law.

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

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