Progressive Management Limited - Court Orders Stay of Proceedings Against Gennaro Natale
Securities Decisions and Freeze and cease trade orders
Montréal – On May 17, 2017, Judge Gilles Garneau of the Court of Québec, district of Laval, allowed a motion, under the Jordan decision, filed by Gennaro Natale and stayed the proceedings brought against him by the Autorité des marchés financiers (the "AMF").
Gennaro Natale faced 17 charges, namely, nine counts of illegal practice as a securities dealer; seven counts of aiding, by act or omission, Progressive Management Limited to make a distribution without a prospectus; and one count of making a misrepresentation in respect of a transaction in a security.
Gennaro Natale, who was found guilty of these charges in September 2013, appealed the judgment to the Superior Court, which upheld the lower court decision, and then to the Court of Appeal. On June 3, 2016, the Court of Appeal ordered a new trial. The stay of proceedings was issued as part of this new trial.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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