Montréal - On December 5, 2011, Judge Jean-Paul Braun of the Court of Québec, district of Montréal, ordered Italo Testa to pay fines totalling $433,500.
Italo Testa had pleaded guilty to 85 charges brought against him by the Autorité des marchés financiers (the AMF). The AMF accused Italo Testa of acting illegally as a securities dealer (34 counts), aiding Services Financiers Pronto, IT Financial and Promotions Image Plus with making illegal distributions (46 counts) and making misrepresentations in respect of a transaction in securities by stating that the investment was guaranteed (5 counts).
During the sentencing hearings, the AMF submitted the following facts and factors to the judge: the number of transactions in securities and the number of investors affected, the fact that Italo Testa was an insurance representative, namely, a market professional, at the time of the alleged facts, as well as the amount invested (approximately $615,000) and the amount lost (approximately $250,000) by the investors.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial industry.
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