Montréal - On December 7, 2015, Justice of the Peace Georges Benoît of the Court of Québec for the district of Beauharnois found Paul Apostolos Sigalos guilty of all the charges brought against him, including five counts for aiding in an illegal practice as a securities adviser or a derivatives adviser and one count of providing misinformation, and fined him a total of $60,000.
The Autorité des marchés financiers (the "AMF") argued that Paul Apostolos Sigalos aided his company, Inspired Trading Systems Inc., in acting as a securities adviser or a derivatives adviser through a purportedly automated trade management system which executed buy and sell orders for clients for a fee.
The judgment follows proceedings brought by the AMF in October 2014 after an investigation revealed that at least five investors entrusted funds to Paul Apostolos Sigalos and that two of them lost just over $12,000.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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