Montréal - On June 3, 2015, Justice of the Peace Jean-Georges Laliberté of the Court of Québec, district of Laval, imposed fines totalling $16,000 on Richard Arcand, who pleaded guilty to five charges for carrying out an illegal practice, distributing securities without a prospectus and stating that securities would be listed on an exchange.
More specifically, Richard Arcand pleaded guilty to the five charges brought against him, namely, two charges for pursuing illegal activities as a securities dealer and two charges for distributing a form of investment to two investors without a prospectus approved by the Autorité des marchés financiers ("AMF"). As well, he pleaded guilty to one charge for authorizing or allowing Ressources Lingot d'Or inc. to state that its securities would be listed on an exchange or that an application in this regard would be filed.
In accordance with the joint proposal filed by the parties, Richard Arcand was ordered to pay a fine totalling $16,000.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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