Illegal practice and distributions - Sylvain Langelier-Legault fined $87,700
Securities Decisions and Freeze and cease trade orders
Montréal - On April 27, 2015, Judge Marc Renaud for the judicial district of St-Hyacinthe approved the agreement entered into between the parties, convicting Sylvain Langelier-Legault of the eighteen (18) charges laid against him and ordering him to pay the minimum fine for each count, for a total of $87,700.
Sylvain Langelier-Legault was accused of acting illegally as a dealer, aiding Gestion de placement Avenir in making distributions without a prospectus, making misrepresentations in connection with a transaction relating to securities and giving an undertaking relating to the future value or price of securities.
The events occurred between April 1996 and April 2009. Sylvain Langelier-Legault, who was registered with the Autorité des marchés financiers (the "AMF") in various sectors at the time, told six individuals that their money would be invested in Canada Savings Bonds and asked them to make cheques payable to Gestion de placement Avenir. However, the investigation showed that Mr. Langelier-Legault misappropriated the funds for his personal use.
The AMF also filed two subrogatory claims against Sylvain Langelier-Legault, who was ordered to reimburse $56,000 and $102,600.
The Chambre de la sécurité financière also permanently struck Mr. Langelier-Legault from the roll.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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