Montréal - The Autorité des marchés financiers (the AMF) has launched a penal proceeding against Kader Hanahem in the district of Saint-François. The AMF has filed six charges and is seeking $630,000 in fines.

More specifically, the AMF is alleging that Kader Hanahem aided 9073-1266 Québec inc., also known as Groupe Financier Orizon, in acting illegally as a securities adviser six times. Kader Hanahem, a former mutual fund dealer, was the president and sole shareholder of Groupe Financier Orizon.

Kader Hanahem allegedly solicited clients through acquaintances by presenting himself as both a dealer working for a well-known brokerage firm and working for himself whereas neither he nor Groupe Financier Orizon was registered with the AMF to act in this capacity.

An estimated $600,000 was lost by investors in this matter.

In February 2011, Kader Hanahem and Groupe Financier Orizon agreed to cease any activity as a securities dealer or adviser.

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

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