Securities

Montréal - The Autorité des marchés financiers ("AMF") has launched a legal proceeding against five individuals and filed 101 charges against them. It is seeking fines totalling $992,000.

Specifically, the AMF has filed 33 charges against Jocelyne Couture and is seeking $225,000 in fines against her. Eugénie-Lise Nolet faces 26 charges and fines totalling $176,000. Twenty-four charges have been laid against Yves Mailhot, who faces fines totalling $383,000. Finally, Raymond Forest and Serge Fréchette face 10 and eight charges respectively, and the AMF is seeking respective fines totalling $110,000 and $98,000 against them. The charges pertain to illegal practice as a dealer, distributions without a prospectus, aiding with a distribution without a prospectus and misrepresentations.

The AMF investigation revealed that at least 21 investors purchased units or shares in various organizations. Some of these investors were even encouraged to invest their RRSPs or LIRAs. It is estimated that investors lost approximately $664,000.

Reminder to investors
The AMF reminds investors to be extra careful when encouraged to invest all or part of their RRSPs or LIRAs in a financial instrument. And remember that any withdrawal from an RRSP, LIRA or pension fund is taxable.

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

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