Montréal - The Autorité des marchés financiers (the "AMF") is launching penal proceedings against Paul Apostolos Sigalos and filing six charges for illegal practice as a securities adviser and a derivatives adviser and for providing misinformation to an investor. Paul Apostolos Sigalos is liable to minimum fines totalling $55,000.

The AMF's investigation revealed that Paul Apostolos Sigalos and his investment firm, Inspired Trading Systems (ITS), offered investors access to trading systems for futures contracts that seemed to be automated.

At least five investors entrusted funds to Paul Apostolos Sigalos; two of them lost just over $12,000.

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

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