Decisions and Freeze and cease trade orders
Montréal - On September 29, 2015, at the request of the Autorité des marchés financiers (the "AMF"), the Bureau de décision et de révision (the "Bureau") issued reciprocal orders against Michael Lee Mitton prohibiting him from trading in securities, pursuing activities as a securities adviser and acting as an investment fund manager. The orders also deny him the benefit of any exemption under the Securities Act (Québec) or its regulations, and prohibit him from acting as a director or officer of an issuer, dealer, adviser or investment fund manager.
Similar orders were issued against Michael Lee Mitton in three other jurisdictions: British Columbia, Alberta and Ontario. The request by the AMF was intended to expand the scope of these orders to Québec.
Mr. Mitton has a lengthy criminal record including violations for fraud and fraudulent manipulation of stock exchange transactions in the thousands of dollars The AMF's investigation revealed that following his release from an Ontario prison, Mr. Mitton came to Québec, where he allegedly continued his illegal activities with the public.
In its decision, the Bureau recognized that Mr. Mitton presented a high risk of reoffending and that he exhibited all the characteristics of a "financial predator" with "a large repertory of scams to defraud the market and investors." The Bureau therefore concluded that it was in the public interest to issue the reciprocal orders sought by the AMF.
Don't become a victim: Report fraud
Whether on the Internet or in person, offering investments is a regulated activity. The person or company asking for your money must be registered with the AMF. Don't become a victim of fraud. Make sure you check whether the person or company is in the register of firms and individuals authorized to practise.
If you believe you have been approached by Michael Lee Mitton to invest in a company, or you think you have detected a scam, contact the AMF Information Centre. Your information could help the AMF better protect consumers.
To learn about other ways to prevent fraud, visit the AMF website.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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Sylvain Théberge: 514-940-2176