Réal Samson Matter - Freeze order extension
Decisions and Freeze and cease trade orders Securities
Montréal – On October 19, 2009, at the request of the Autorité des marchés financiers (the "AMF"), the Bureau de décision et de révision en valeurs mobilières (BDRVM) extended, for a period of 120 days, the freeze orders issued against Réal Samson and Suzanne Labrecque on June 23, 2009.
In the decision it issued in June, the BDRVM stated that it was particularly concerned about the following allegations and facts:
- Mr. Samson created fictitious products in order to raise substantial funds from Québec investors. These funds were never invested in the products sold. Mr. Samson used the funds to pay the line of credit of Les services financiers RSL Inc., of which he is the director, president and majority shareholder, or to make interest payments to investors or reimburse them;
- The possibility of a Ponzi scheme. Réal Samson used the funds from new investors to reimburse or pay interest to other investors;
- When investors requested reimbursement, Mr. Samson allegedly attempted to deceive them by making misrepresentations, claiming that he was in discussions with the AMF with respect to the distributions;
- The risk that Réal Samson and his spouse would disappear with substantial funds and that investors would not be reimbursed.
In September 2009, the AMF launched penal proceedings in respect of 54 charges against Réal Samson in the Court of Québec (Criminal and Penal Division), district of Québec City, and is seeking a prison term and $348,000 in fines.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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