Illegal practice and distributions without a prospectus - Prohibition orders and penalties totalling $190,000 against Michel Drolet and Jean-Claude Vachon
Decisions and Freeze and cease trade orders Securities
Montréal – On February 8, 2017, the Tribunal administratif des marchés financiers (the “Tribunal”) issued prohibition orders and imposed administrative penalties totalling $190,000 against Michel Drolet and Jean-Claude Vachon for illegal practice as a securities dealer.
More specifically, the Tribunal ordered Michel Drolet to cease any activity, directly or indirectly, relating to trading in securities other than in connection with transactions exclusively for his own personal benefit. The Tribunal also imposed on Michel Drolet an administrative penalty of $140,000 for making distributions without a prospectus and acting as a securities dealer without being registered as such on at least 14 occasions between 2006 and 2012.
Moreover, the Tribunal ordered Jean-Claude Vachon to cease any activity, directly or indirectly, relating to trading in securities other than in connection with transactions exclusively for his own personal benefit. The Tribunal also imposed on Jean-Claude Vachon an administrative penalty of $50,000 for making distributions without a prospectus and acting as a securities dealer without being registered as such on at least 14 occasions between 2007 and 2011.
The Autorité des marchés financiers (the “AMF”) is the regulatory and oversight body for Québec’s financial sector.
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