Orders and administrative penalties against Carlo Cioppi

Securities Decisions and Freeze and cease trade orders

Montréal - On November 10, 2015, the Bureau de décision et de révision (the "Bureau") banned Carlo Cioppi from acting as a securities adviser, ordered him to remove any document or content related to the activities of a securities adviser that he published or carried on the Internet and imposed an administrative penalty on him in the amount of $5,000.

The evidence presented by the AMF revealed that Carlo Cioppi published messages on a personal ads site whereby he purported to be a day trader and offered to teach clients, for a fee, about the rudiments of the profession or how to conduct securities transactions. However, Carlo Cioppi was not registered with the AMF.

The Bureau deemed that Carlo Cioppi was offering the services of a securities adviser by providing, in particular, advice on buy and sell orders for specific securities. It added that a respondent cannot simply state that advice given by him on stock market transactions does not qualify as such under the Securities Act This link will open in a new window in order for him to be shielded from legal requirements.

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

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