Decisions and Freeze and cease trade orders
On December 21, 2012, the Bureau de décision et de révision (the Bureau) imposed administrative penalties totalling $40,000 and issued cease trade orders against F.D. De Leeuw & Associés inc. and its officer, Francis Daniel De Leeuw.
One of the orders prohibits the company from trading in any form of investment while the other prohibits Francis Daniel De Leeuw from trading in any form of investment, and from acting as a dealer, with the exception of trading in his own account for personal purposes.
In this matter, the Bureau rendered an initial decision on the violations committed in 2009, a decision that was appealed by the respondents. The appeal was dismissed by the Court of Québec in October 2011. The Bureau concluded that the company had performed brokerage activities in Québec with unqualified investors without having the required authorization, and had performed such activities even though its rights had been suspended. The tribunal also concluded that the company and its officer had transmitted false and misleading information to the AMF.
The Bureau also noted Francis Daniel De Leeuw's undertaking to voluntarily cancel its AMF registration.