Illegal practice and distribution without a prospectus - Marie-France Dayan fined $32,000

Decisions and Freeze and cease trade orders Securities

Montréal – On January 18, 2017, Judge Claude Leblond of the Court of Québec, district of Montréal, imposed fines totalling $32,000 on Marie-France Dayan further to a settlement agreement.

Under the terms of the agreement, Marie-France Dayan pleaded guilty to four counts of illegal practice as a securities dealer and four counts of distribution without a prospectus for offences committed in 2007 while she was acting on behalf of real estate promoter Loftboutiques Développement International inc.

The judgment follows penal proceedings launched by the Autorité des marchés financiers (the “AMF”) in 2014 against Marie-France Dayan for offences committed while she was the officer and director of PI Global Properties and not registered as a securities dealer.

After considering the guilty plea entered by Marie-France Dayan, Judge Leblond fined her $3,000 for each count of illegal practice and $5,000 for each count of distribution without a prospectus.

According to the representations made by the AMF to the Tribunal administratif des marchés financiers, Marie-France Dayan solicited investors in order to propose and recommend the purchase real estate units, as an investment, in a hotel project established by Loftboutiques Développement International inc.

At least seven investors signed promises to purchase real estate units and paid 10% of the purchase price at the time of signing. However, the project could not be completed and investors were not reimbursed following the bankruptcy of Loftboutiques Développement International inc.

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

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