Freeze order renewed against Groupe financier Fides inc. and Fiducie Fides and partial lifting of freeze
Decisions and Freeze and cease trade orders Securities
Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision en valeurs mobilières (BDRVM) renewed for a period of 90 days the initial freeze order issued on June 14, 2006 on the funds, securities and other assets of Groupe financier Fides inc., La Fiducie Fides and 9166-6198 Québec inc.
In the decision it issued on March 6, 2007, the BDRVM also:
- Partially lifted the freeze order so that payment may be made to investors in the amount of $79,757.69 as determined in a Court of Québec judgment handed down on February 14, 2007;
- Partially lifted the freeze order so that payment may be made to an investor in the amount of $65,486.96 as determined in a Court of Québec judgment handed down on February 5, 2007.
At the request of the AMF, the BDRVM issued a freeze order on June 14, 2006 on the funds, securities and other assets of Groupe financier Fides inc., La Fiducie Fides and 9166-6198 Québec inc. as well as a cease trade order against Groupe financier Fides inc. and La Fiducie Fides. The BDRVM made the decision because the Respondents distributed loan agreements without approval from the AMF in accordance with section 11 of the Securities Act. Groupe financier Fides inc. and La Fiducie Fides had advised investors that capital and interest could not be reimbursed. The freeze order was renewed on September 6 and December 5, 2006.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
— 30 —
Information:
Media only:
Frédéric Alberro (514) 940-2176
Financial sector participants: (877) 525-0337, choose option 9 for English, then 1 for industry
Consumers and investors: (877) 525-0337, choose option 9 for English, then 8 for consumers