Montréal - The Autorité des marchés financiers (the AMF) has launched a penal proceeding against Sylvain Laroche (1961-08-06)1 for illegal distributions and illegal practice as a securities dealer and derivatives adviser. He is facing 11 charges and the AMF is seeking $432,000 in fines from him.

Sylvain Laroche allegedly convinced two investors to make investments in the form of loans generating significant dividends. One investor even withdrew all his investments with a major insurance company and mortgaged his home to give Sylvain Laroche a larger amount to invest. Sylvain Laroche traded in standardized derivatives involving the price of crude oil on the New York Mercantile Exchange (NYMEX). The various trades he made unfortunately caused the investors to lose almost all their initial investments, representing just over $228,600.

Sylvain Laroche was not registered with the AMF to act as a securities dealer and derivatives adviser.

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

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Information:

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Sylvain Théberge: 514 940-2176

Information Centre:
Québec City: 418 525-0337
Montréal: 514 395-0337
Toll-free: 1 877 525-0337
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1 The accused Sylvain Laroche should not be confused with the financial planner and dealing representative (mutual fund dealer) Sylvain Laroche whose registration number is 144 577.