Illegal practice as a securities dealer and illegal distribution - Steve Duchaine fined $84,000

Securities Decisions and Freeze and cease trade orders

Montréal – On February 9, 2016, Justice of the Peace Sylvie Marcotte of the Court of Québec, district of Québec City, ratified the joint recommendation of the parties and fined Steve Duchaine a total of $84,000 for illegal distribution activities.

This decision is further to penal proceedings launched by the Autorité des marchés financiers (the “AMF”) in 2015. Steve Duchaine faced six charges, namely, three counts for pursuing illegal activities as a securities dealer, two counts for making distributions without a prospectus and one count for making misrepresentations related to a securities transaction. Steve Duchaine pleaded guilty to all of the charges.

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

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