Montréal - The Autorité des marchés financiers (the AMF) has launched penal proceedings against Alain Laroche,1 a former mutual fund representative, Nathalie Belleau and 9175-3178 Québec inc. in connection with illegal distributions. The proceedings include 25 charges which could lead to a minimum of $117,000 in fines.
The AMF's investigation shows that several investors were recruited by Alain Laroche from among his mutual fund clients. The AMF alleges that Alain Laroche aided 9175-3178 Québec inc. with distributions without a prospectus (seven counts), guaranteed the future value or price of securities (two counts) and stating that the securities would be listed on the stock exchange (two counts).
Nathalie Belleau, an officer of 9175-3178 Québec inc., has been charged with seven counts of aiding the company with distributions without a prospectus. 9175-3178 Québec inc. has also been charged with seven counts of making distributions without a prospectus.
In 2012, Alain Laroche was suspended for one month and fined $20,000 by the Investment Industry Regulatory Organization of Canada This link will open in a new window.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337
Twitter : @lautorite This link will open in a new window
1 The respondent Alain Laroche should not be confused with the insurance of persons and group insurance of persons representative Alain Laroche (certificate 119 520) with Alain Laroche Assurances Inc., and mutual fund dealer representative Alain Laroche (NRD 1696031) with Hub Capital Inc.