Pascal Baril, Jacinthe Forest and P.R.A.T.I.C. 2000 inc.Pascal Baril, Jacinthe Forest and P.R.A.T.I.C. 2000 inc. fined $718,750
Decisions and Freeze and cease trade orders Securities
Montréal – In a decision handed down on September 9, 2009, Judge Isabelle Rheault of the Court of Québec (Criminal and Penal Division), district of Montréal, issued a guilty verdict against Pascal Baril, Jacinthe Forest and P.R.A.T.I.C. 2000 inc. and ordered them to pay fines totalling $718,750 further to the charges filed against them by the Autorité des marchés financiers (AMF).
Pascal Baril and Jacinthe Forest, shareholders and directors of Services financiers JAPA Ltée (JAPA) and P.R.A.T.I.C. 2000 inc. (PRATIC), were respectively found guilty on 84 and 14 charges. The AMF accused them of aiding JAPA and PRATIC with illegal distributions, namely, instruments evidencing a loan of money without preparing a prospectus for approval by the AMF and pursuing activities as a securities dealer without being duly registered under the Securities Act. Pascal Baril and Jacinthe Baril were fined $590,000 and $78,750 respectively.
As for P.R.A.T.I.C. 2000 inc., it was found guilty of carrying out illegal distributions on eight occasions, namely, instruments evidencing a loan of money without preparing a prospectus for approval by the AMF. PRATIC was fined $50,000.
According to the evidence gathered by the AMF, five investors were defrauded of approximately $380,000. At the time of the facts at issue, Pascal Baril and Jacinthe Forest were both registered in insurance of persons and group insurance of persons but were not registered to act as securities dealers. The scheme used by the respondents consisted of convincing their insurance and group savings clients of investing in PRATIC by means of a loan.
Pascal Baril and Jacinthe Forest have been the subject of rulings issued by the disciplinary committee of the Chambre de la sécurité financière.
The AMF reminds investors that they should always check with the AMF Information Centre to determine whether the firms and individuals offering to act as intermediaries have the necessary approvals from the AMF. Various AMF leaflets and brochures are also available to help consumers make better investment choices. Contact the AMF Information Centre or consult the AMF website under Publications/Brochures and leaflets for consumers.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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