Montréal - On February 23, 2016, The Bureau de décision et de révision (the "Bureau") took note of an agreement entered into by the Autorité des marchés financiers ("AMF") and Marcel Paiement and ordered him to pay an administrative penalty of $8,000. The prohibition orders issued in May 2015 against Marcel Paiement are still in effect.
An AMF investigation revealed that Marcel Paiement and his firms solicited investors through websites and on-line ads without being registered with the AMF in any capacity as well as without a prospectus approved by the AMF or an exemption.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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