July 16, 2014 Securities

Montréal – The Autorité des marchés financiers (“AMF”) has launched a penal proceeding against Marie-France Dayan and filed eight charges for pursuing illegal activities as a securities dealer and carrying out distributions without a prospectus. She faces a minimum fine of $24,000 if found guilty on all charges.

Marie-France Dayan was an intermediary enlisted by Loftboutiques Développement International Inc. for promoting and selling condos in a Québec City condo-hotel project. At least seven investors signed commitments to purchase condos and were required to pay 10% of the condo purchase price at the time of signing. The project could not be completed and following the bankruptcy of Loftboutiques, investors were not able to recover the deposits they made at the time of signing the commitments. Investors lost a total of $83,460.

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

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