Montréal, June 3, 2011 - On May 26, 2011, Judge Pierre Fortin, Justice of the Peace of the Court of Québec, district of Montréal, found Hooshang Imanpoorsaid (also known as Hooshang Imanpour) guilty on the 34 counts brought against him by the Autorité des marchés financiers (the AMF).
The AMF accused Hooshang Imanpoorsaid of acting illegally as a securities dealer on 19 occasions and of making illegal distributions on 13 occasions, primarily in debt securities at interest rates up to 18%. In addition, the AMF accused him of making misrepresentations to investors on two occasions by telling them that the investment was guaranteed.
The fine of $376,000 imposed on Hooshang Imanpoorsaid is four times the minimum fine set out in the Securities Act. The AMF requested this exemplary fine based on aggravating factors such as breach of trust and the harm caused to the victims. The six investors have unfortunately been unable to recover the total investment of approximately $348,000.
Hooshang Imanpoorsaid told investors that he was collecting funds to finance companies that were short of cash to deliver goods outside the country, in particular to Iran.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial industry.
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