Montréal - The Autorité des marchés financiers ("AMF") has launched a penal proceeding in the judicial district of Joliette against Gilles Payette.1

The suit includes 44 charges, namely, 23 charges related to distribution without a prospectus and 21 charges related to illegal practice as a securities dealer. Gilles Payette faces minimum fines totalling $160,000.

The AMF investigation revealed that Gilles Payette solicited the general public to finance three investment projects for the purpose of setting up a customer rewards program. Investigators collected testimonies from 20 persons, who had invested a total of $397,000.

At the time of the facts at issue, Gilles Payette was not registered with the AMF as a securities dealer or adviser. Moreover, the companies which he used to carry on distribution activities (Reddentes/IdCentury, E-KONO and Réseau Impact) had not prepared a prospectus for approval by the AMF or been granted an exemption.

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

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1 The respondent Gilles Payette should not be confused with Gilles Payette who holds certificate No. 145971 in damage insurance and is attached to Promutuel Réassurance.