Montréal - The Autorité des marchés financiers (the AMF) has launched a penal proceeding against Raynald Chevrier for pursuing illegal practice as a securities dealer and for making a distribution without a prospectus approved by the AMF. He is facing 6 charges and the AMF is seeking $60,000 in fines.

The AMF's investigation showed, among other things, that Mr. Chevrier borrowed money from his clients by promising them up to 10% interest per annum and he also embezzled money from them. At least three investors lost a total of $35,520.

Raynald Chevrier was not registered with the AMF to act as a securities dealer and the AMF had not issued a receipt for a prospectus.

In October 2012, Mr. Chevrier's registration was permanently cancelled by the Chambre de la sécurité financière.

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

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