Securities

Montréal - On June 17, 2015, Justice of the Peace Sylvie Desmeules of the Court of Québec, district of Saint-François, imposed fines totalling $630,000 on Kader Hanahem, a former mutual fund dealer, who was found guilty on the six counts brought against him by the AMF for illegal practice as a securities adviser.

Kader Hanahem has filed an appeal.

New penal proceeding
The AMF recently launched another penal proceeding against Kader Hanahem in the judicial district of Saint-François. He now faces six other charges, namely, three counts for illegal practice as a securities adviser and three counts for failing to carry out a commitment made with the AMF by pursuing activities as a securities adviser with three investors, despite undertaking not to do so. If found guilty, he faces minimum fines totalling $186,000.

Kader Hanahem had made a commitment in 2011 to cease any activity as a securities dealer or adviser, and prohibition and freeze orders were issued against him in April 2014.

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

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