Montréal - On August 24, 2012, Justice of the Peace Marc Renaud of the Court of Québec for the district of Longueuil fined Mario Corriveau $506,000. Mr. Corriveau had pleaded guilty in December 2011 to 85 charges for making illegal distributions and illegally acting as a securities dealer or adviser.
In his decision, Justice Renaud took into account several aggravating factors, such as the fact that Mr. Corriveau denigrated securities regulators and was well aware that he was breaching the Securities Act when the offences were committed. The judge also noted that Mr. Corriveau manipulated investors and that he encouraged them to travel abroad at great expense to better conceal his illegal activities.
As a mitigating factor, Justice Renaud noted that Mario Corriveau had pleaded guilty and numerous victims were therefore able to avoid spending several days in connection with court appearances as witnesses.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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