Decisions and Freeze and cease trade orders Securities
Montréal – In a decision handed down on June 22, 2010 in the Court of Québec (Criminal and Penal Division), district of Montréal, Judge Louis Legault ordered the respondent, François C. Desrosiers, to pay fines totalling $18,500.
On December 8, 2009, François C. Desrosiers was found guilty on 11 charges brought against him in October 2007 by the Autorité des marchés financiers (AMF) for failing to report, within the prescribed time period, transactions in the securities of Big Red Diamond Corporation and AntOro Resources Inc., two companies of which he was an insider.
Additional suit filed against François C. Desrosiers and Korinor – $707,000 in fines sought
The AMF has filed an additional suit against François C. Desrosiers and Korinor, a mining company that has been under a cease trade order since June 2006. François C. Desrosiers is a director of Korinor.
The AMF has filed 43 charges against François Desrosiers and is seeking $358,000 in penalties. He faces allegations of aiding Korinor in contravening a decision of the Commission des valeurs mobilières du Québec (3 counts), aiding Korinor in making illegal distributions (25 counts), making misrepresentations in continuous disclosure documents of Korinor (3 counts) and hindering an AMF investigation (2 counts).
Korinor faces 41 charges for which the AMF is seeking total fines of $349,000. Korinor also faces 13 counts of contravening a decision of the Commission des valeurs mobilières du Québec, 25 counts of aiding with an illegal distribution and 3 counts of making misrepresentations.
In June 2006, François C. Desrosiers was fined a total of $21,000 for late filing of insider reports with respect to Big Red Diamond Corporation, Melkior Resources Inc. and AntOro Resources Inc.
In August 2008, a second lawsuit was filed against François C. Desrosiers. The AMF charged him with five counts related to illegal distributions of AntOro Resources Inc. and sought fines of $75,000. The trial has been held and a guilty verdict will be handed down on October 12, 2010.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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