Montréal - On April 28, 2016, following joint representations by the parties, Judge Anne-Marie Jacques of the Court of Québec for the district of Longueuil fined Guy Gravel a total of $16,000.
Judge Jacques had found Guy Gravel guilty on March 14, 2016 on the four charges brought against him by the AMF-two counts for illegal practice as a securities dealer and two counts for making distributions without a prospectus.
The evidence submitted by the AMF showed that Guy Gravel tried to induce an investor to purchase shares of Archer Gold Inc. As the Judge pointed out, Mr. Gravel solicited the person in question by bringing him into a conversation with another individual during which he discussed the possibility of investing in the company.
The Judge held that Mr. Gravel acted as an intermediary between the company and the investor without being registered as a securities dealer with the AMF and Archer Gold Inc. had not submitted a prospectus to the AMF or benefited from an exemption.
Archer Gold Inc. has been the subject of cease-trade and freeze orders since December 2011.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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Sylvain Théberge: 514-940-2176