Illegal Practice and Distributions - AMF launches further proceeding against Daniel Boivin; seeks $84,000 in fines


Montréal – The Autorité des marchés financiers (“AMF”) is launching a further proceeding against Daniel Boivin The respondent Daniel Boivin is not to be confused with Daniel Boivin, the damage insurance representative attached to Promutuel in Rigaud, who holds certificate no. 103 820 and who is not the subject of any proceedings. in the Court of Québec, district of Montréal, and seeking fines totalling $84,000 for 14 violations under the Securities Act.

The AMF alleges that Daniel Boivin pursued activities as a securities dealer without being registered as such (7 counts) and aided Compensation vie d’Amérique inc., of which Boivin is the sole shareholder and director, with illegal distributions (7 counts).

In determining the amount of the fines, which represent double the minimum fines set out under the Act, the AMF took into account the subjective seriousness of the offences, the integrity of the financial markets and disdain for the law as reflected in the conduct of the respondent.

Daniel Boivin’s registration was revoked for a period of 10 years by the Commission des valeurs mobilières du Québec in October 2003 and he has been ordered to cease any activities in respect of a transaction in securities and to cease acting as an adviser since December 2009. As well, Daniel Boivin faces another penal proceeding launched by the AMF in September 2009. This proceeding pertains to six counts for which the AMF is seeking fines totalling $60,000.

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

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