Decisions and Freeze and cease trade orders Securities
Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision en valeurs mobilières (BDRVM) issued an order on June 23, 2008 against Pinnacle-Quest Inc. (PQI), Synergy Productions International Inc. and Financial Pacific to cease carrying out, directly or indirectly, any activity in respect of a transaction in securities, in particular via the websites www.pqi.cc and www.investingpacific.com.
The AMF believed it was imperative that the BDRVM issue this decision, with no prior hearing, to protect investors, since these companies are not registered as dealers or advisers and securities were allegedly distributed without a prospectus approved by the AMF, mainly through the website www.pqi.cc.
In its decision, the BDRVM expressed concern about the following allegations in particular:
- Most of the investors in Québec attended information seminars held by 9-1-1 Finance inc. and delivered by Mario Corriveau, both of whom have been the subject of cease trade orders, pursuant to the Québec Securities Act, since February 1, 2008;
- PQI operates under a multi-level structure;
- Overnight, the website where investors could check their investments became unoperational, and two investors were unable to recover their investments;
- A U.S. court issued a preliminary injunction against PQI;
- As of the date of the BDRVM hearing, the website www.pqi.cc was still active.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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Christian Barrette: (514) 940-2176
Québec City: 418-525-0337