Montréal, May 3, 2017 – On January 26, 2017, Judge Chantale Pelletier of the Court of Québec, district of Québec City, imposed a 42-month prison term and a restitution order totalling $435,650 on Réjean Thiboutot. He was also prohibited for a period of five years from seeking, obtaining or continuing any employment, or becoming or being a volunteer in any capacity, that involves having authority over the real property, money or valuable security of another person.
Réjean Thiboutot was convicted of 10 counts of defrauding 11 investors of $896,150. The offences were committed over a period of seven years, from 2005 to 2012.
The matter was handled by the Integrated Market Enforcement Team (IMET), composed of members of the Sûreté du Québec and experts from the Autorité des marchés financiers (the “AMF”). The IMET investigation demonstrated that Réjean Thiboutot had created a Ponzi scheme by leading investors to believe that their loans would be used for stock market investments or projects that would earn them extraordinary returns.
The scheme set up by Réjean Thiboutot collapsed when money from new clients was insufficient to repay earlier investors. In the end, several victims were never repaid.
If you think you’ve been the target of fraud, don’t hesitate to report suspicious activity.
The Autorité des marchés financiers (the “AMF”) is the regulatory and oversight body for Québec’s financial sector.
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