Mount Real and Norshield - Fayza Rifai, Jaime Lao Wan Lian, Francesco Iaconno and Nick Mylonakis guilty
Securities Decisions and Freeze and cease trade orders
Montréal – Fayza Rifai, Jaime Lao Wan Lian, Francesco Iaconno and Nick Mylonakis, who were sued by the Autorité des marchés financiers (AMF) for violations of the Securities Act in connection with the distribution of Mount Real products, were recently found guilty on the charges.
Fayza Rifai fined $13,000
On December 16, 2010, Judge Claude Leblond of the Court of Québec found Fayza Rifai guilty on five charges: three charges of illegally pursuing activities as a securities dealer and two of aiding with an illegal distribution.
Judge Leblond ordered Fayza Rifai to pay fines totalling $13,000.
Jaime Lao Wan Lian fined $425,000
On December 6, 2010, Jaime Lao Wan Lian pleaded guilty to 83 charges before Judge Claude Parent of the Court of Québec, namely, 43 charges of illegally pursuing activities as a securities dealer or adviser, 33 charges of aiding with an illegal distribution and seven charges of making misrepresentations. Judge Parent imposed fines totalling $425,000 on Jaime Lao Wan Lian relating to the 83 charges brought against him by the AMF.
Francesco Iaconno fined $203,000
On December 6, 2010, Francesco Iaconno also appeared before Judge Claude Parent of the Court of Québec, and pleaded guilty to 40 charges: 21 charges of illegally pursuing activities as a securities dealer or adviser, 16 charges of aiding with an illegal distribution and three charges of making misrepresentations. Judge Parent imposed fines totalling $203,000 on Francesco Iaconno relating to the 40 charges brought against him by the AMF in the matter of Mount Real.
On the same day, before the same judge, Francesco Iaconno also pleaded guilty to six additional charges of illegal practice and aiding with an illegal distribution related to Norshield. Judge Parent imposed a further $31,500 in fines on Mr. Iaconno with respect to these six charges.
Nick Mylonakis pleads guilty
On November 22, 2010, before Judge Louise Villemure of the Court of Québec, Nick Mylonakis pleaded guilty to 22 charges: 10 charges of illegally pursuing activities as a securities dealer, 9 charges of aiding with an illegal distribution and three charges of making misrepresentations. Sentencing will take place on February 2, 2011.
On January 24, 2007, the AMF filed 619 charges against 24 individuals who acted as representatives in the matter of Mount Real Corporation and its subsidiaries. To date, 18 individuals (Victor Lacroix, Armando Ferruci, Christophe Balayer, Luigi Muro, Anthony Cappellano, Éric Couture, Larraine Lyttle, Yves Tardif, Guy Prescott, Carole Dorion, Sylvie St-Denis, Antonella Niro, Paul Quenneville, Jaime Lao Wan Lian, Francesco Iaconno, Fayza Rifai, René Proteau (awaiting sentencing) and Nick Mylonakis (awaiting sentencing) have been found guilty on 478 charges and fined $2,214,500.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
— 30 —
Information:
Media only:
Sylvain Théberge: 514-940-2176
Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
Additional news
- Lino P. Matteo’s appeal dismissed
- Mount Real - Yves Mechaka fined $140,000
- In the Matter of Norshield - Enrico Bruni fined $18,000
- Norshield - René Joubert Fined $225,000
- Penal proceedings against the officers of Mount Real - Paul D'Andrea fined $655,000
- Illegal practice as a dealer - Jacques Gagné fined $806,000
- In the Matter of Norshield - Michel L'Italien fined $80,000 and René Joubert found guilty
- In the Matter of Norshield - Claude Tardif ordered to pay $16,000 in fines
- Mount Real and Norshield - Marc-André Froment and Roberto Milzi fined
- Norshield - Yves Tardif fined $104,000
- Not responsible by reason of mental disorders - AMF appeals decision rendered in respect of Denis Patry
- Mount Real and Norshield - Nick Mylonakis, William Marston and René Proteau fined
- Mount Real - Paul Messier Jr fined $104,000
- Penalty against second representative in Norshield matter
- Mount Real - Paul Quenneville and René Proteau plead guilty
- 12th representative fined in Mount Real matter - Larraine Lyttle fined $91,000
- Mount Real - Three additional representatives guilty
- Guilty verdict for ninth Mount Real representative - Guy Prescott fined $40,500
- Penalty against representative in Norshield matter
- Three representatives convicted - Yves Tardif, Éric Couture and Larraine Little guilty
- In the Matter of Norshield - AMF Sues 11 individuals, Files 140 Charges and Seeks $976,000 in Fines
- Illegal Distributions on the North Shore - Michel L'Italien fined $500,000
- Mount Real - Anthony Cappellano guilty
- Michel L'Italien and Jacques Gagné - Freeze orders extended
- Zenith Corporation - AMF files 89 charges against Denis Patry , seeks prison term and fine of $2,157,000
- AMF files suit against Jacques Gagné and seeks over $800,000 in fines
- Michel L'Italien - Freeze order extended
- Mount Real - AMF files 682 charges against 5 officers, seeks prison terms and hefty fines
- Jacques Gagné - Freeze order extended
- AMF files 102 charges against Michel L'Italien and seeks $692,000 in fines
- Mount Real - Anthony Cappellano guilty
- Mount Real - Enrico Bruni acquitted
- Mount Real - Luigi Muro found guilty and ordered to pay $324,000
- Mount Real - Christophe Balayer guilty on 10 counts
- Victor Lacroix and Armando Ferruci convicted and fined, respectively, $156,000 and $288,000
- Matter of Michel L'Italien - Freeze and cease trade orders
- Freeze and cease trade orders against Michel L'Italien, 9151-5270 Québec inc., Noble & Finance inc. and Les Investissements Noble & Finance inc.
- Québec Court rules appeal by Jacques Gagné unfounded
- Matter of Jacques Gagné - Freeze orders renewed
- Mount Real - AMF files 619 charges against 24 individuals
- Application for suspension of execution dismissed for Jacques Gagné
- Zenith - AMF pleased with implementation of liquidation plan
- Mount Real Corporation - Freeze order extended
- Order against Jacques Gagné confirmed
- Mount Real Corporation - AMF confirms suspension of two independent representatives and firm
- Mount Real Corporation - AMF suspends Carole Dorion
- Mount Real Corporation: Court authorizes AMF to intervene
- Jacques Gagné found guilty
- Mount Real Corporation - Orders issued against Laurence Henry
- Mount Real Corporation - AMF suspends Champoux, Froment et associés
- Mount Real Corporation - AMF suspends Yves Tardif
- Zenith - Liquidation order and appointment of liquidator
- Mount Real Corporation - Freeze order extended
- Report filed by provisional administrator - AMF recommends Wind-Up of Zenith Growth Fund
- AMF recommends wind-up of Zenith growth fund
- New Cease Trading Order In Mount Real Case
- Valeurs mobilières iForum inc. - Services Financiers iForum inc. - Sale of Assets
- Mount Real Corporation - Further freeze order
- Mount Real Corporation - Provisional administrator appointed, freeze and cease trading orders issued
- Zenith fund - Appointment of provisional administrator recommended
- Planiges registration suspended and Zenith fund frozen
- RSM Richter Appointed Receiver of Norshield Group in Quebec
- Court Orders Appointment of RSM Richter Inc. as Receiver of Norshield
- AMF investigating Mount Real
- Norshield Asset Management - Appointment of monitor
- Norshield funds ordered to cease activity
- Orders issued against Jacques Gagné