Montréal - The Autorité des marchés financiers (the AMF) has launched penal proceedings against Sébastien Doyon, Jean Verdon and 4412265 Canada inc. consisting of 84 charges and is seeking fines totalling $888,000. These charges are related to illegal distributions that were primarily made in the Outaouais.

According to the AMF's investigation, between 2006 and 2008, 13 investors lost $738,000 in a Ponzi scheme through loans to 4412265 Canada inc. or shares in Cyloon Holdings Ltd. Sébastien Doyon and Jean Verdon also conspired to set up a scheme for illegal distributions.

Sébastien Doyon therefore faces 42 counts and fines totalling $620,000. The AMF accuses him of aiding 4412265 Canada inc. with making illegal distributions (18 counts) and with acting illegally as a securities dealer (18 counts). It also accuses him of making misrepresentations in respect of a transaction in a security, in particular by stating that some investments would generate returns of 36% to 84% in annual interest and that some investments were guaranteed (6 counts).

Jean Verdon faces 8 counts and the AMF is seeking fines totalling $170,000. The AMF accuses him of aiding 4412265 Canada inc. with making illegal distributions (3 counts), acting illegally as a securities dealer (3 counts), aiding Sébastien Doyon with making misrepresentations (1 count) and conspiring with Sébastien Doyon and 4412265 Canada inc. to make numerous illegal distributions (1 count).

Finally, 4412265 Canada inc. faces a total of 34 counts, 17 of which are for illegal distributions and 17 for illegal practice as a dealer. The AMF is seeking $98,000 in fines.

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

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