Montréal - On January 7, 2015, Judge Salvatore Mascia of the Court of Québec, district of Montréal, fined Yves Mechaka, the last of the 24 representatives charged by the Autorité des marchés financiers (the "AMF") in the Mount Real matter, a total of $140,000.
On October 24, 2014, Yves Mechaka was found guilty of 34 charges, including 10 counts of illegal practice as a dealer and/or adviser, 21 counts of assisting Mount Real Acceptance Corporation with distributions without a prospectus, and three counts of making misrepresentations.
Mr. Mechaka filed a notice of appeal in November 2014 on the three counts of having made misrepresentations. The hearing date for that appeal before the Superior Court has been set at June 4, 2015.
Recall that on January 24, 2007 the AMF launched penal proceedings against 24 individuals for illegally acting as representatives in the matter involving Mount Real Corporation and its subsidiaries. Twenty-three of the purported representatives (Victor Lacroix, Armando Ferruci, Christophe Balayer, Luigi Muro, Anthony Cappellano, Éric Couture, Laraine Lyttle, Yves Tardif, Guy Prescott, Carole Dorion, Sylvie St-Denis, Antonella Niro, Paul Quenneville, Jaime Lao Wan Lian, Francesco Iacono, Fayza Rifai, René Proteau, Nick Mylonakis, Paul Messier Jr., William Marston, Roberto Milzi, Marc-André Froment and Yves Mechaka) were found guilty and fined a total of $2,758,000.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
- 30 -
Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337
Twitter: @lautorite This link will open in a new window