Distributions without a prospectus - Albert Barbusci and Cadence Holdings inc. fined $60,000
Montréal - Albert Barbusci and the firm Cadence Holdings inc. were recently ordered to pay fines totalling $60,000 at the Montréal courthouse after pleading guilty to the charges brought against them by the Autorité des marchés financiers ("AMF") related to distributions of Biotonix inc. shares without a prospectus.
On November 12, 2014, Albert Barbusci pleaded guilty to one charge of a distribution without a prospectus. A conditional stay of proceedings was issued with respect to the four other charges against him. Judge Silvie Kovacevich ratified the joint sentencing recommendation of the parties, namely, an amount of $20,000, which is four times the minimum penalty set by law.
Cadence Holdings inc., of which Albert Barbusci is the president, secretary, sole director and majority shareholder, pleaded guilty to two charges of making distributions without a prospectus. Judge Kovacevich ratified the joint sentencing recommendation of the parties, namely, a total of $40,000, which is four times the minimum penalty set by law for each charge.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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Sylvain Théberge: 514-940-2176