Illegal distributions - AMF lays charges against Yves Létourneau
Securities
Montréal - The Autorité des marchés financiers ("AMF") has launched a penal proceeding in the judicial district of de Québec City against Yves Létourneau The respondent Yves Létourneau should not be confused with mutual fund representative Yves Létourneau (certificate No. 121 577), who is attached to BLC Services financiers inc. , a former representative in insurance of persons who is charged with various offences related to fraud, distributions and illegal practice.
The AMF intends to argue that Yves Létourneau convinced two investors to borrow money for investments valued at over $135,000 and promised returns of 8 to 10% a year. Some of the investments were made through cash transactions. The AMF investigation also revealed that Yves Létourneau never made the promised investments and that the investors' funds were used for his own personal purposes.
Yves Létourneau faces 11 charges, including four charges for illegal practice as a dealer, four charges for illegal distributions without a prospectus and three charges for fraud. If he is found guilty on all charges, he faces a minimum fine of $56,500 under the Securities Act.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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