Jitec - Ali Reza Bassiri ordered to pay four times minimum fine
Decisions and Freeze and cease trade orders Securities
Montréal – In a decision issued on September 28, 2007, Ali Reza Bassiri was ordered by the Court of Québec (Criminal and Penal Division), district of Longueuil, to pay a fine in the amount of $16,000, or four times the minimum penalty.
On August 7, 2007, Judge Louis Duguay found Mr. Bassiri guilty on four charges brought against him on October 8, 2004 by the Autorité des marchés financiers (AMF). Mr. Bassiri faced penal proceedings on account of violations in 2000 of the Securities Act, R.S.Q. c. V-1.1, for having given an undertaking to separate investors relating to the future value or price of a security in connection with a transaction in the security of Jitec inc., thereby violating section 199(3) of the Act.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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