Securities

Montréal - On March 1, 2016, Judge Pierre L. Rousseau, of the Court of Québec, district of Québec City, Criminal and Penal Division, ordered Michel GosselinThe respondent Michel Gosselin should not be confused with Michel Gosselin, who holds certificate 115054 in insurance of persons and group insurance of persons, and pursues activities as an independent representative. to pay fines totalling $63,000 for aiding with the distribution, without a prospectus, of instruments evidencing a loan of money with 9195-8595 Québec inc. and pursuing illegal activities as a dealing representative in connection with the financing of a real estate project.

After analyzing the respective representations of the parties, Judge Rousseau imposed a penalty on Michel Gosselin that represents one and a half times the minimum fine under law, namely, $7,500 for each of the six charges of aiding with a distribution without a prospectus and $3,000 for each of the six charges of illegal activity as a dealing representative.

Among the aggravating factors, Judge Rousseau noted in particular Michel Gosselin's capacity as a market professional, the objective seriousness of the offences, the duration of the offences over numerous months, the fact that eight investors lost most of their investment of $275,000 and the impact of the respondent's actions on the lives of these investors.

Among the mitigating factors, Judge Rousseau noted that the real estate project at issue was an actual project, that the charges had ended the career of Michel Gosselin, and that the latter had not misappropriated funds and had partially reimbursed the victims.

Previously, on February 16, 2016, Michel Gosselin had been found guilty by Judge Rousseau of 12 charges, namely, six charges of aiding with a distribution without a prospectus and six charges of illegal practice as a dealing representative.

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

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