Decisions and Freeze and cease trade orders

Montréal - On April 9, 2014, the Bureau de décision et de révision ("Bureau") handed down a decision on an application ex parte by the Autorité des marchés financiers ("AMF") for freeze and prohibition orders against Asim Ahmed, Mahmood Ahmed and Le groupe Financier Bloomer Inc.

According to the Bureau, the evidence showed that these individuals and the company in question acted as securities dealers or advisers without being registered as such with the AMF.

In this matter, the evidence also showed that the dealer and adviser activities were advertised through social media (Facebook, the company's website, Twitter and LinkedIn), where the respondents claimed that they managed investors' portfolios, and that they posted the returns on the securities they traded. The information was generally inaccurate as to the volume of securities actually traded as well as the return obtained.

The Bureau also took into consideration the fact that Asim Ahmed has a history of fraud, for which he was ordered to serve nine months in prison.

In addition, the Bureau said that investors entrusted large amounts to Asim Ahmed and Mahmood Ahmed through bank money orders and that they used the money for their own ends rather than the purposes for which it was intended.

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

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