Montréal - The Autorité des marchés financiers (the AMF) has launched a penal proceeding in the district of Longueuil against Pierre Veillet, Steeve Goyette and Distribution Mobile Inc. for illegal practice as a dealer and illegal distribution. The AMF is seeking a total of $4,320,000 in fines and a prison term for Pierre Veillet.

The alleged wrongdoing took place between 2006 and 2010. Investors were approached to lend money to Distribution Mobile Inc. but beginning in 2007 investment contracts were signed with Groupe GDM. Investors were told that money entrusted to Groupe GDM would be used to fund businesses needing short-term cash to place large orders. The contracts signed with investors promised a 40% annual return on their investment. Investors could also attend individual training sessions which would make them eligible for a higher partnership level, giving them even better returns. Thirty-eight investors lost a total of $1,525,900.

The AMF has filed 267 charges in all. Pierre Veillet, the majority shareholder and director of Distribution Mobile Inc., is facing 174 charges for which the AMF is seeking $2,436,000 in fines and a prison term. The AMF has also brought 89 charges against Distribution Mobile Inc. pursuant to which it is seeking a total of $1,780,000 in fines, and 4 charges have been filed against Steeve Goyette for which the AMF is seeking $28,000 in fines.

The AMF's investigation also revealed that Pierre Veillet encouraged investors to meet Alain Côté of ACGI Inc. regarding the tax and accounting aspects of the transactions. Alain Côté and ACGI Inc. are also the subject of a penal proceeding instituted by the AMF.

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

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