Montréal - On January 27, 2012, Judge Gaby Dumas, Justice of the Peace of the Court of Québec, district of Laval, ordered Efstratios Gavriil to pay fines totalling $90,000. He pleaded guilty to eight counts brought against him for acting illegally as a securities dealer and five counts for aiding Darcy International Financial Holdings Inc. with making a distribution without a prospectus.
More specifically, Efstratios Gavriil, a mutual fund dealer at the time of the alleged facts, encouraged seven investors to invest amounts ranging from $20,000 to $150,000 in Darcy International Financial Holdings Inc., a company incorporated in the British Virgin Islands. The losses suffered by the defrauded investors totalled $525,212.
In determining the penalty, the Court considered the following factors: the fraudulent nature of the acts, the defendant's level of involvement, his knowledge of investments, the period over which the scheme took place (4 years), the amount of money lost, the voluntary and deliberate nature of the actions and the misappropriation of funds for his own benefit.
The Court also considered certain mitigating factors: his guilty plea, the fact that he lost his job, and his economic ruin.
Accordingly, the Court imposed a total fine on Efstratios Gavriil of $90,000, namely, $5,000 for each count of illegal practice, which is five times the minimum fine, and $10,000 for each count of aiding with an illegal distribution, which is twice the minimum fine.
In this matter, the AMF also launched a proceeding against Alfonso Vincenti (pdf - 41 KB)This link will open in a new window involving 13 counts. He also pleaded guilty to the charges against him. Representations regarding Alfonso Vincenti's fine are scheduled for May 3, 2012 before the Court of Québec (Criminal and Penal Division), district of Laval.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial industry.
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