Montréal - On January 8, 2016, Judge Andrée St-Pierre of the Court of Québec, district of Rimouski, ordered Alain André Desarzens to pay fines totalling $1,540,884 in a matter pertaining to the promotion of investments on the Internet and bulk e-mail scams.
The fines are related to a decision handed down on November 27, 2015, whereby Alain André Desarzens was found guilty of the two charges brought against him by the Autorité des marchés financiers ("AMF"), namely, one charge for distribution without a prospectus and one charge of pursuing illegal activities as a securities dealer.
The AMF investigation revealed that Alain André Desarzens promoted numerous high-yield investment programs (commonly called HYIPs) on the Internet and through bulk mailings around the world. He lured investors with huge profits. With respect to each charge, Alain André Desarzens was ordered to pay a fine equivalent to double the profits generated, that is, $770,442, for a total of $1,540,884.
Alain André Desarzens plans to appeal the guilty verdicts and fines.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
- 30 -
Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337
Twitter: @lautorite This link will open in a new window