Montréal - The Autorité des marchés financiers (the AMF) has launched penal proceedings against Simon Déry and Pierre LegaultRespondent Pierre Legault should not be confused with Pierre Legault, representative of a mutual fund dealer attached to Desjardins Financial Services Firm (number 120940) nor with Pierre Legault, claims adjuster attached to La Capitale General Insurance (number 137676). involving 28 counts and is seeking fines totalling $430,000. The AMF has accused them of acting illegally as securities dealers and making illegal distributions.
The alleged facts took place between March 2007 and September 2008. Simon Déry, then president of Hippocampe and Pierre Legault, a notary from Laval, solicited investors to subscribe for debt securities and earn between 15% and 36% interest per year. More specifically, Hippocampe acted as an intermediary between small entrepreneurs who had difficulties financing their real estate projects and investors who wanted to lend funds at high interest rates over the short term (three to 12 months).
The AMF's investigation shows that at least seven investors lost $355,000 in this matter. Simon Déry faces 20 counts and fines totalling $305,000 are being sought. Pierre Legault faces eight counts and the AMF is seeking fines totalling $125,000. Note that this is not Simon Déry's first altercation with the AMF. He is the subject of another penal proceeding (pdf - 32 KB)This link will open in a new window launched in March 2008 in the matter of Groupe ADA for illegal practice as a securities dealer and illegal distributions. He has also been ordered to cease any securities activity since March 2011.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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