Montréal – On January 29, 2019, the Autorité des marchés financiers (“AMF”) withdrew the charges filed in February 2014 against Robert Benvie and 6389848 Canada Inc. (operating under the name “Financing B2B”Financing B2B should not be confused with the subsidiaries of Laurentian Bank B2B Bank, B2B Bank Financial Services and B2B Bank Intermediary Services.).
Robert Benvie was facing three charges, namely, one count of illegal practice as a securities dealer, one count of making a distribution without a prospectus, and one count of declaring that the securities of Corporation Evolutra would be listed on an exchange.
Financing B2B was facing two charges, namely, one count of illegal practice as a securities dealer and one count of making a distribution without a prospectus.
In February 2014, the AMF launched a penal proceeding against five individuals and two companies in connection with the illegal distribution of Corporation Evolutra shares in the fall of 2007 to Québec, Canadian and foreign investors. On February 9, 2018, the Court of Québec imposed fines totalling $52,000 This link will open in a new window on Robert Benvie and Financing B2B. They appealed the decision and, on June 27, 2018, the Superior Court of Québec allowed the appeal This link will open in a new window, reversed the trial court’s decision and ordered a new trial before the Court of Québec so that the defendants could present a defence based on the existence an exemption. Given the issues raised, the AMF withdrew the charges against Robert Benvie and Financing B2B.
Note that, in the same matter, Carol Voyer, the company “Il faut beaucoup de patience inc.,” Pasquale Schiavone and Yves Besner were fined a total of $156,000, $30,000, $7,000 and $6,000, respectively.
The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.
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