Montréal — On August 31, 2016, the Tribunal administratif des marchés financiers (the “Tribunal”) fined Daniel Salanon $3,000 for pursuing illegal activities as a securities dealer and $2,500 for aiding Daniel Salanon Industries inc. (DSI) in making a distribution without a prospectus. The Tribunal also imposed a penalty of $2,500 on DSI for making a distribution without a prospectus.
Daniel Salanon, the sole director and shareholder of DSI, had posted an ad on Internet site Kijiji intended to recruit investors who would purchase the company’s securities.
The Tribunal determined that the proposed investment was a debt security subject to both dealer registration and prospectus requirements. However, Daniel Salanon never registered with the AMF in any capacity whatsoever and DSI never filed a prospectus for AMF approval or benefited from an exemption.
In November 2015, the AMF issued a warning about solicitations by Daniel Salanon.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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