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 (the “Bureau”) extended, on November 25, 2010, for a period of 120 days, the freeze orders issued on July 30, 2010 with respect to Pierre Jolicoeur and Corporation de capital B.M.T. 06.
The AMF’s evidence revealed that the initial grounds for the freeze orders stand, and are even more pressing. In its decision, the Bureau indicated that the AMF’s evidence show the scope of this scheme: over nearly five years, Pierre Jolicoeur raised $12,000,000 from 65 investors.
The Bureau added: “The money he actually invested only generated losses. What wasn’t used to pay investors interest in order to dispel their doubts he put into his own pocket to maintain his lifestyle, to the tune of $2,500,000. Not only did he raise the money illegally, he also set up a Ponzi scheme to conceal his methods.”
Pierre Jolicoeur did not attend the Bureau hearing. The Bureau stated that Pierre Jolicoeur “is now trying to make investors believe that their money is safe and even guaranteed by U.S. treasury bills.” The Bureau became aware through the evidence submitted by the AMF that the U.S. Treasury Inspector General had denounced these methods as fraudulent.
As a result of the freeze order on the assets and accounts of Pierre Jolicoeur and Corporation de capital B.M.T. 06, the AMF can pursue its investigation.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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