Montréal - The Autorité des marchés financiers (the AMF) has launched a penal proceeding against Jerry Spénard and Isabelle Comeau involving 33 charges and is seeking $834,000 in fines. It also expects to ask for a prison term for Jerry Spénard since he allegedly misappropriated part of the funds raised from investors.
Jerry Spénard allegedly solicited investors to lend him money in return for a 2% monthly return. He then lent the money to companies or individuals who had trouble obtaining traditional financing, but at a higher rate than that given to the initial investors. Isabelle Comeau worked for Jerry Spénard as Chief Financial Officer.
The AMF has therefore filed 27 charges against Jerry Spénard for illegal practice as a dealer, aiding with an illegal distribution and making misrepresentations. It is asking for him to be ordered to pay a total of $714,000 in fines and sentenced to imprisonment.
Isabelle Comeau is facing six charges for aiding with an illegal distribution and the AMF is seeking a total of $120,000 in fines against her.
In all, nine investors allegedly invested a total of $740,000. Only three of these investors were partially reimbursed.
Reminder to investors
In its most recent awareness campaign, 5bonnesquestions.ca This link will open in a new window, the AMF reminds consumers that it is important to be cautious when promised a return that is too good to be true. A basic investment rule should be followed: the greater the expected return, the greater the risk associated with it.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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