Rocco Di Stefano ordered to cease trading in securities and carrying on business as a securities adviser

Securities Decisions and Freeze and cease trade orders

Montréal – On November 30, 2007, at the request of the Autorité des marchés financiers (the “AMF”), the Bureau de décision et de révision en valeurs mobilières (the “BDRVM”) ordered Rocco Di Stefano to cease any securities transaction activity, conducted directly, indirectly or by Internet, in respect of any form of investment governed by the Securities Act (the “Act”) and to cease carrying on business as a securities adviser.

The AMF took action based on the following allegations:

  • Rocco Di Stefano helped Bear Bay Financial Services Inc., Eurovision Financial Services Ltd., Vision Management Services Ltd., Zema Finances Inc., Agence d’investigation et sécurité D.R.P. inc. and Sodexin Capital Inc. to distribute a form of an investment governed by the Act without a receipt issued by the AMF;
  • Rocco Di Stefano acted as a securities broker or adviser without being registered as such with the AMF.

In its decision, the BDRVM expressed concern about the following facts in particular:

  • Rocco Di Stefano, a former pastor, used his reputation to solicit investors;
  • Distributions were made in the form of an investment governed by the Act without a receipt issued by the AMF;
  • Rocco Di Stefano was acting illegally as a securities broker and adviser to investors;
  • Rocco Di Stefano told his clients that the investment was safe and guaranteed by the company;
  • Rocco Di Stefano had the cheque to pay for an investment issued in his name;
  • Rocco Di Stefano took advantage of his status as an insurance representative to contact the widows of insureds and offer them the possibility to invest their insurance proceeds in Zema Finances Inc.;
  • Rocco Di Stefano continued to make distributions without holding the necessary registrations;
  • One investor had been unable to recover his money; and
  • The invested amounts represented several millions of dollars.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

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