July 8, 2014 Securities

Montréal - Further to an investigation, the Autorité des marchés financiers ("AMF") has launched a penal proceeding against Sylvain Bélair and Patrick Boisvert for conducting various activities related to an alleged Ponzi scheme in which at least 47 persons invested almost $2M in a real estate project in China between 2006 and 2009.

Considered to be the mastermind of the alleged strategy, Sylvain Bélair faces 188 charges, including charges for illegal distribution without a prospectus, illegal practice as a securities dealer and misinformation about a transaction in securities. He is liable to a minimum fine of $697,200 if found guilty on all counts.

As for Patrick Boisvert, he faces 52 similar charges and is liable to a minimum fine of $194,000 if found guilty on all counts.

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

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