Montréal – The Autorité des marchés financiers (AMF) is appealing the decision handed down on January 14, 2009 by the Court of Québec (Criminal and Penal Division) acquitting Jean Desmarteau of 14 charges against him, namely:
- carrying on the activities of a securities dealer without being registered as such with the AMF, by distributing a form of investment governed by the Securities Act (the Act), thereby violating section 148 and committing an offence under section 202 of the Act (9 counts);
- aiding, by act or omission, Forex Canada NTS Inc. with the distribution of a form of investment governed by the Act without having obtained from the AMF a receipt for a prospectus, thereby violating section 11 of the Act and committing an offence under section 202 with reference to section 208 of the Act (5 counts).
On September 7, 2004, Dominic Longpré, President of Forex Canada NTS Inc., pleaded guilty to 42 counts brought against him by the AMF, namely 30 counts of illegally carrying on the activities of a securities dealer and 12 counts of aiding Forex Canada NTS Inc. with the distribution of shares without a prospectus. He was fined $90,000.
On October 3, 2006, Alexandre Lauzière was also found guilty on eight counts, namely, four counts of illegally carrying on the activities of a securities dealer and four counts of aiding Forex Canada NTS Inc. with the distribution of shares without a prospectus.
Following an analysis of the decision handed down on January 14, the AMF will file an appeal with the Superior Court arguing, among other things, that the Court of Québec erred in law by conducting a restrictive analysis of the notion of aiding with a distribution and by allowing the defendant’s defence of due diligence based on an error by a person in authority.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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Sylvain Théberge: (514) 940-2176
Québec City: 418-525-0337
- Renewal of the freeze order against Forex Canada NTS Inc. & Dominic Longpré
- Renewal of the Freeze Order against Forex Canada NTS Inc. & Dominic Longpré
- Warning - Promises of high returns through foreign exchange (FOREX) may be deceptive
- Finanzas Forex - Ordered to cease trading and acting as securities adviser