Decisions and Freeze and cease trade orders

Montréal - On December 15, 2015, the Bureau de décision et de révision (the "Bureau") issued ex parte freeze and cease trade orders against Kamran Shahid, Imran Shahid, and the companies 9322-5746 Québec inc. and 7267711 Canada inc. further to activities governed by An Act respecting the distribution of financial products and services and the Securities Act.

The freeze orders relate to the funds, securities and other assets of the respondents.

This decision by the Bureau immediately suspends certificate number 204902 held by Kamran Shahid in the insurance of persons sector and sector classes and the registration of 9322-5746 Québec inc., which operates primarily under the name Services assurance et investissement Platinum. Orders were also issued prohibiting Kamran Shahid and Imran Shahid from trading in securities and pursuing activities as securities dealers. Lastly, an order requires that all books, records and registers be transferred to the AMF's premises.

The AMF's investigation revealed that Imran Shahid and his brother Kamran Shahid allegedly, in particular, offered and sold disability insurance policies and Registered Education Savings Plans (RESPs) to clients in exchange for the payment of monthly premiums or the immediate payment of all premiums. It appears that the clients never received the policies in their names, or the RESPs, and that Kamran and Imran Shahid did not submit any insurance quotes, despite the payments made. Some clients further allege that their signatures were forged on certain documents. Kamran and Imran Shahid also misappropriated funds belonging to various clients.

The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.

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