Published: July 26, 2013
Securities

Montréal - The Autorité des marchés financiers ("AMF") has launched a penal proceeding in the judicial district of Rimouski against Alain André Desarzens and filed two charges for illegal activity as a dealer and for distributions without a prospectus. The AMF is seeking a total fine of $1,720,000.

According to the investigation conducted by the AMF, Alain André Desarzens promoted numerous Internet-based investment programs through mass international e-mailings. It is estimated that at least 2,500 investors located around the world invested some $810,000 through these programs in 2010. It would appear that they never recovered their investment.

The AMF reminds investors that they should be cautious when using the Internet and social media for investment purposes. Although these platforms offer much information from persons or businesses that are generally legitimate and honest, they also attract fraudsters. The following link provides advice on the matter:

Internet and Social Media Fraud.

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

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