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.
- 30 -
Sylvain Théberge: 514-940-2176