Decisions and Freeze and cease trade orders Securities
Montréal – On March 16, 2010, Justice of the Peace Louise Gallant of the Court of Québec, district of Mingan, imposed a $500,000 fine on Michel L’Italien, who purported to be a securities dealer, in connection with proceedings launched against him by the Autorité des marchés financiers (AMF).
Michel L’Italien pleaded guilty to 102 violations of the Securities Act, of which 33 related to distributions without a prospectus, 38 to illegal practice as a dealer, 28 to misrepresentations and three for stating that the shares of Water Bank of America would be listed on an exchange.
Some 39 investors, mainly North Shore residents, paid approximately $660,000 to acquire shares of Water Bank of America and Rockies Financial Corporation in 2005 and 2006.
The AMF reminds investors of the importance of ensuring that the firms and individuals offering a financial product are duly authorized to do so, by consulting the Register of firms and individuals authorized to practice on the AMF website or by contacting the Information Centre.
The Autorité des marchés financiers (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
- Michel L'Italien and Jacques Gagné - Freeze orders extended
- AMF files suit against Jacques Gagné and seeks over $800,000 in fines
- Michel L'Italien - Freeze order extended
- Jacques Gagné - Freeze order extended
- AMF files 102 charges against Michel L'Italien and seeks $692,000 in fines
- Matter of Michel L'Italien - Freeze and cease trade orders
- Freeze and cease trade orders against Michel L'Italien, 9151-5270 Québec inc., Noble & Finance inc. and Les Investissements Noble & Finance inc.
- Québec Court rules appeal by Jacques Gagné unfounded
- Matter of Jacques Gagné - Freeze orders renewed
- Application for suspension of execution dismissed for Jacques Gagné
- Jacques Gagné found guilty
- Orders issued against Jacques Gagné