Securities Decisions and Freeze and cease trade orders
Montréal – On December 14, 2006, before the Court of Québec (Criminal and Penal Division), district of Montréal, Judge Joseph Tarasofsky found Gilbert Chartrand guilty of two counts brought against him by the Autorité des marchés financiers (AMF).
Gilbert Chartrand faced two counts for violating the Securities Act, R.S.Q., c. V-1.1 (“the Act”):
- by acting as a securities adviser within the meaning of section 5 of the Act without being registered as a securities adviser with the AMF, by managing, pursuant to a mandate, a securities portfolio of the Fédération des cégeps, in violation of section 148 of the Act, thereby committing the offence stipulated in section 202 of the Act;
- by making a misrepresentation in respect of a transaction in a security, by failing to mention to the Fédération des cégeps that the securities acquired from foreign issuers were not in line with the risk tolerance factors communicated by the Fédération des cégeps, thereby committing the offence stipulated in paragraph 1 of section 197 of the Act.
Gilbert Chartrand was ordered to pay a fine of $121,000 for the first count and $5,000 for the second.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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Frédéric Alberro (514) 940-2176
Issuers, dealers, advisers and representatives: (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