Securities

Montréal - The Autorité des marchés financiers (the "AMF") has launched penal proceedings in the judicial district of Saint-François against Alain Véronneau which include 26 charges related to the illegal pursuit of activities as a securities dealer, illegal distributions without a prospectus and misrepresentations.

The AMF intends to show that, while Alain Véronneau was acting as a financial security adviser, financial planner or mutual fund representative, he offered some of his clients investments he was not authorized to offer and made misrepresentations about them. Nine individuals purportedly invested just over $400,000 with Mr. Véronneau between 2009 and 2014.

More specifically, the AMF has filed eight counts against Alain Véronneau for illegal distributions without a prospectus, nine counts for the illegal pursuit of activities as a securities dealer and nine counts for making misrepresentations.

In 2015, the AMF intervened in this matter, when the Bureau de décision et de révision (the "Bureau") issued a freeze order and orders prohibiting Alain Véronneau from trading in securities and from acting as a securities adviser. The Bureau was concerned that, without the orders, Mr. Véronneau would continue to solicit other investors, use the funds entrusted to him for his own benefit and dispose of property acquired using investors' money.

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

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