Decisions and Freeze and cease trade orders Securities

Montréal – On November 11, 2022, acting on a request filed by the Autorité des marchés financiers (“AMF”), the Superior Court of Québec issued a permanent injunction against Asim Ahmed following his acquiescence in judgment.

The Superior Court ordered Asim Ahmed not to use or distribute, to anyone, the documents in question and any copies of those documents. The Superior Court also ordered Asim Ahmed not to disclose, verbally or in writing, to anyone, the contents of the documents in question and any copies of those documents. Finally, the Superior Court ordered Asim Ahmed not to distribute, to anyone, false documents of the AMF and the Supreme Court of Canada.

This injunction permanently replaces the provisional injunction issued by the Superior Court on November 3, 2022.

Strategy used

Asim Ahmed, who has never been registered with the AMF, was sentenced to nine months in prison for fraudulent activities in 2011 and to four years in prison for fraud, money laundering, forgery, uttering forged documents and obstruction of justice in 2015.

In addition, freeze and prohibition orders were issued against Asim Ahmed in 2014 for acting as a securities dealer or adviser without being registered as such with the AMF. The freeze and prohibition orders have never been lifted and remain in effect.

According to the AMF’s ongoing investigation, after his release from prison, Asim Ahmed would approach his former victims and claim, among other things, that he sued the Québec government and the AMF for purported physical abuse he suffered while in prison and purported theft of money by AMF investigators during a search of his home and that he won his case in court but needs money to pay penalties and administrative fees so he can then recover the money he is owed and pay his victims back.

To make his misrepresentations credible to his former victims, Asim Ahmed appears to have provided some of the former victims with false documents, including a final notice of file closure and a confirmation of remittance, both bearing the AMF logo, as well as documents presented as judgments issued by the Supreme Court of Canada.

The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.

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