Progressive Management Limited - Sixth individual found guilty


Montréal - On August 5, 2013, Pierre Potvin, one of the individuals charged in a matter relating to illegal distributions by Progressive Management Limited, was fined $70,000.

In February 2013, Justice of the Peace Jean-Georges Laliberté of the Court of Québec for the district of Terrebonne found Pierre Potvin guilty of eleven charges for illegally acting as a securities dealer, aiding, by act or omission, Drummore Corporation and Progressive Management Limited with illegal distributions, and making misrepresentations in respect of a transaction in a security.

Pierre Potvin appealed this decision.

In January 2011, the Autorité des marchés financiers (the AMF) launched proceedings against eight individuals associated with illegal distributions related to Progressive Management Limited. So far, the proceedings against six respondents, Anthony Riccio, Giuseppe (Joe) Iaboni, Lance Townend, Karen Dance, Pierre (Pietro) Amato and Pierre Potvin, have been completed.

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

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