June 27, 2012 Securities

Montréal - The Autorité des marchés financiers (the AMF) has filed 190 charges against the President of Immeubles Le-Max inc., Élie Lévy, for illegal practice as a dealer, aiding with distributions without a prospectus and making misrepresentations. It is seeking a total of $1 million in fines.

The AMF's investigation shows that Le-Max inc., whose President was Élie Lévy, borrowed money from investors 75 times. These sums were in turn lent to companies apparently in urgent need of cash. In exchange for the loans, investors were promised returns of up to 4% per month or 30% per year.

It appears that the money collected by Immeubles Le-Max inc. was used to repay loans Élie Lévy had obtained from leasing and commercial lending firms. In all, seven investors lost a total of $633,000.

Reminder to investors

In its most recent awareness campaign, 5bonnesquestions.ca, the AMF reminds consumers that it is important to be cautious when promised a return that is too good to be true. A basic investment rule should be followed: the greater the expected return, the greater the risk associated with it.

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

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