Illegal practice as a dealer and aiding with illegal distribution - Fernand Plante acquitted
Securities Decisions and Freeze and cease trade orders
Montréal – On October 25, 2016, Justice of the Peace Patricia Compagnone of the Court of Québec, district of Salaberry-de-Valleyfield, acquitted Fernand Plante The respondent Fernand Plante should not be confused with Fernand R. Plante, a financial planner registered with the Ordre des administrateurs agréés du Québec. of the two charges brought against him by the Autorité des marchés financiers (the “AMF”) as part of a proceeding launched in 2014.
Fernand Plante faced one count for illegal practice as a securities dealer and one count for aiding Semopac Canada inc. in making a distribution without a prospectus. In her decision, Judge Compagnone contends that the reliability of the testimony by the only investor in the matter, which relates to events going back to 2003, is greatly affected by the passage of time. As a result, she concludes that the evidence submitted did not show beyond a reasonable doubt that Fernand Plante acted as an intermediary. Judge Compagnone also concluded that the evidence did not show that Fernand Plante was aware that Semopac Canada inc. was making a distribution without a prospectus.
In its proceeding, the AMF also brought the same two charges against Richard Rouillard, who pleaded guilty to both charges on May 26, 2016 and was fined a total of $12,000 This link will open in a new window.
The Autorité des marchés financiers (the “AMF”) is the regulatory and oversight body for Québec’s financial sector.
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