Montréal - On April 10, 2015, Judge Bernard Lemieux of the Court of Québec, judicial district of Québec City, fined Réjean Lessard, Alain Doyon and Gestion Read inc. a total of $235,500 for illegal distribution activities that caused three investors to lose $95,000.
More specifically, Réjean Lessard pleaded guilty to 13 charges brought against him, consisting of five counts of pursuing activities illegally as a securities dealer, five counts of aiding with an illegal distribution and three counts of making misrepresentations. He was fined $178,500, representing three and a half times the minimum fine. Réjean Lessard was also fined in 2014 and 2012 for offences relating to illegal practices and distributions.
Alain Doyon, a director of Gestion Read inc., was found guilty of one charge of aiding Gestion Read inc. by omission with the distribution of its securities. He was fined $5,000.
Lastly, Gestion Read inc., which provided financing for companies in need of cash, was found guilty of five counts of making a distribution without a prospectus. It was fined $52,000, double the minimum fine.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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