Decisions and Freeze and cease trade orders Securities
Montréal – On November 1, 2010, Judge Hélène Morin of the Court of Québec, district of Montréal, imposed a fine of $25,000 on Gérald Turp, previously found guilty of an offence under the Securities Act in connection with the Gestion Guychar (Canada) inc. matter.
In June 2010, Gérald Turp was found guilty of aiding 3965121 Canada inc. with an illegal distribution without a prospectus. The fine imposed by Judge Morin is five times the minimum penalty set out in the Act for this type of offence. Moreover, in her decision, the judge stated that this fine [translation] "reflects his negligence in meeting his obligations as a financial adviser and is intended to deter others from acting in the same manner or to urge others to be more cautious and thorough."
Penal trial in the matter of Gestion Guychar (Canada) inc.
The trial of Richard Lanthier, Guy Charron and Huguette Gauthier, who were charged with 458 counts of illegal practice, illegal distribution and aiding with illegal distribution in connection with the Gestion Guychar (Canada) inc. matter, will start in December 2010. Three weeks of hearings are currently scheduled at the Montréal courthouse. The AMF is seeking prison terms and fines totalling $8,290,000.
Richard Lanthier, Guy Charron, Huguette Gauthier, Gérald Turp and Turp DTD Consultants inc., 177889 Canada inc., 3330575 Canada inc. and 3965121 Canada inc. have also been issued freeze orders as well as been ordered to cease any activity in respect of a transaction in securities and to cease activities as securities advisers since February 2007.
The investigation conducted by the AMF revealed that at least 95 investors lost a total of $10 million in this matter.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337
- Gestion Guychar (Canada) inc. - Gérald Turp found guilty
- Gestion Guychar (Canada) inc. - Freeze order extended
- Gestion Guychar (Canada) Inc. - Freeze order extended
- Gestion Guychar (Canada) inc. - Freeze orders extended
- Gestion Guychar (Canada) Inc. - Freeze orders extended
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- Matter of Gestion Guychar Canada inc. - Partial lifting of freeze orders against 177889 Canada inc.
- Further freeze and cease trade orders in the matter of Gestion Guychar Canada inc., Guy Charron, Richard Lanthier and Huguette Gauthier
- Freeze and cease trade orders against Gestion Guychar Canada Inc., Guy Charron, Richard Lanthier and Huguette Gauthier