Securities

Montréal - On June 7, 2016, Judge Jean-Pierre Dumais of the Court of Québec, district of Québec City, ordered Jean Desbiens, Ghislaine Desbiens and Services financiers P.G.Q.S. inc. to pay fines totalling $198,200 in connection with the illegal distribution of securities. The defendants were declared guilty on May 20, 2016 on 15 charges brought against them by the Autorité des marchés financiers ("AMF") in a suit launched in 2013.

After being found guilty on 10 charges, Jean Desbiens was ordered to pay a fine representing two to three times the minimum fine, depending on the charges, for a total of $138,800. According to the AMF investigation, Jean Desbiens solicited investors for the purpose of distributions through Services financiers P.G.Q.S. Inc. without being registered with the AMF as a securities dealer and made misrepresentations. As well, Jean Desbiens violated a BDRVM decision (pdf - 40 KB)This link will open in a new window of 2007 that prohibited him in particular from acting as a securities adviser for a period of five years.

Ghislaine Desbiens was found guilty on four charges and fined a total of $56,400. As the sole officer of Services financiers P.G.Q.S., she aided the firm, at least by omission, in carrying out distributions proposed by Jean Desbiens. Finally, the firm was found guilty of distributing the securities without a prospectus approved by the AMF and without an exemption. The firm was fined $5,000.

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

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