Investor Warnings Securities
Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision en valeurs mobilières (BDRVM), in a decision dated November 21, 2008, has extended for 90 days the initial freeze order issued against Productions Action Motivation inc. on April 22, 2004.
On April 22, 2004, the BDRVM issued a freeze order on a brokerage account containing foreign securities and on funds held in a bank account. Both accounts belonged to Productions Action Motivation inc. The BDRVM has renewed this freeze order several times.
In the same decision issued on April 22, 2004, the BDRVM ordered Productions Action Motivation inc., its president, Yvon Charbonneau, and its representative, André Cloutier, to cease any activity in respect of a transaction in securities. These cease trade orders are still in effect.
In its decision, the BDRVM considered the following:
- Productions Action Motivation inc. distributed investment contracts or debt securities in violation of the Securities Act (the "Act");
- Productions Action Motivation inc. did not prepare a prospectus for approval by the AMF;
- Productions Action Motivation inc., Mr. Charbonneau and Mr. Cloutier are not registered as dealers or advisers with the AMF and they are not registered as a firm, nor do they hold a representative's certificate.
In June 2007, the AMF launched penal proceedings for six counts against Yvon Charbonneau and sought total fines of $30,000. The trial was held in October 2008, and the matter is under advisement.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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