Providing false information - Dimitrios Platanitis fined $10,000
Securities Insurance Decisions and Freeze and cease trade orders
Montréal - On January 26, 2016, Justice of the Peace Serge Cimon, of the Court of Québec, district of Montréal, ordered Dimitrios Platanitis to pay a fine totalling $10,000 for providing the Autorité des marchés financiers ("AMF") with false information in connection with a corporate takeover.
Dimitrios Platanitis, who operated as a dealing representative (investment dealer), failed to comply with requirements under the Securities Act. He provided false information in a letter dated February 23, 2012 and in his own personal 2012 balance sheet with respect to information required by the AMF in the course of a corporate takeover.
Further to these events, the right to practise as a dealing representative (mutual fund dealer) and insurance of persons representative held by Dimitrios Platanitis was subject, between 2013 and 2015, to supervisory conditions and mandatory attachment to a firm where he did not act as an officer or director.
The fine represents five times the minimum amount prescribed by law. In support of his decision, Judge Cimon highlighted a number of aggravating factors, including willful blindness of the respondent, prior warnings given by the AMF, failures regarding standards of conduct and motivation to commit the offence.
Importance of providing reliable information
Efficient financial markets require compliance with the established rules. To ensure such compliance, the AMF requires that professionals provide accurate and complete information in a timely manner and conducts continuous audits in this regard. A person who does not comply with these disclosure requirements is liable to penalties and sanctions.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial sector.
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