Montréal - On December 13, 2012, Exporation Korinor inc. ("Korinor") and François C. Desrosiers,1 entered a guilty plea before the Honourable Justice Denis Mondor of the Court of Québec to charges brought against them by the Autorité des marchés financiers (the "AMF") in May 2010.
Korinor pleaded guilty to 41 charges, which included 13 counts for contravening a decision of the Commission des valeurs mobilières du Québec, 25 counts for making distributions without a prospectus and three counts for providing or making misrepresentations under the Securities Act.
François C. Desrosiers pleaded guilty to 43 charges, which included 13 counts for aiding Korinor with contravening a decision of the Commission des valeurs mobilières du Québec, 25 counts for aiding Korinor with making distributions without a prospectus, three counts for aiding Korinor with providing or making misrepresentations under the Securities Act and two counts for hindering the work of an AMF inspector.
Exporation Korinor was fined a total of $229,500 and François C. Desrosiers was fined $234,000.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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¹ Respondent François C. Desrosiers should not be confused with the mutual fund dealing representative François Desrosiers registered under number 1786221