September 15, 2020 Decisions and Freeze and cease trade orders Securities

Montréal – On September 1, 2020, the Honourable Sylvain Lépine of the Court of Québec, District of Terrebonne, in a decision to a penal proceeding This link will open in a new window (in French only) brought by the Autorité des marchés financiers (the “AMF”), sentenced Réjean Presseault to fines totalling $464,000 and 18 months in jail.

Réjean Presseault, who has never registered with the AMF in any capacity whatsoever, has never prepared a prospectus and obtained receipt for it from the AMF, and has never benefited from an exemption, was charged with 30 counts. He pleaded guilty to 14 counts of illegally practising as a securities dealer, 13 counts of making a distribution without a prospectus, and one count of making a misrepresentation in respect of a transaction in a security. Two counts of making a misrepresentation were withdrawn.

The evidence submitted by the AMF established that Réjean Presseault solicited an individual to invest in the private lending sector. The victim suffered a net loss of $512,000.

Aggravating factors considered by Justice Lépine included the premeditated nature of the actions, breach of trust, Réjean Presseaults’ criminal record, the consequences for the victim, and the victim’s suicide. Among the mitigating factors, Justice Lépine pointed to the guilty plea entered by Réjean Presseault and the low risk of his reoffending.

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

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