Pierre Jolicoeur - Proceeds from illegal sale frozen
Decisions and Freeze and cease trade orders Securities
Montréal - At the request of the Autorité des marchés financiers (the AMF), the Bureau de décision et de révision (the Bureau) issued a freeze order on April 14, 2011 on funds from the sale of property owned by Pierre Jolicoeur. These funds were obtained in violation of the freeze orders initially issued on July 30, 2010 against Pierre Jolicoeur and Corporation de capital B.M.T. 06.
More specifically, the Bureau ordered various parties, including Martin Gilbert, the notary involved in the sale, and Gaston Quirion, the buyer of the building, not to dispose of any funds received from the sale of Pierre Jolicoeur's property at Lac-Poulin. Note that the notary and buyer both invested significant amounts of money with Pierre Jolicoeur.
Informed of the sale of this property on April 12, 2011, the AMF requested quick intervention by the Bureau because it was concerned that the proceeds from the sale of the property would be misappropriated or used to the detriment of all the investors who did business with Pierre Jolicoeur. The Bureau stated that Mr. Jolicoeur did not comply with the freeze orders issued against him although he had been informed of their existence. His behaviour shows contempt for the various orders issued against him by the Bureau.
The Bureau also ordered the publication of the freeze order against the building in question at the Beauce land registry office. The AMF believes that this publication will adequately protect the rights of investors.
Note that the freeze order initially issued on July 30, 2010 against Pierre Jolicoeur was renewed for a second time on March 22, 2011.
In a decision made in November 2010 in this matter, the Bureau stated: The money he actually invested resulted in nothing but losses. Money that was not used to pay interest to investors to allay their suspicions was pocketed by Pierre Jolicoeur to support his lifestyle. This accounted for $2.5 million. In addition to raising money illegally, he set up a Ponzi scheme to conceal his methods.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial industry.
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