Sam Grinfeld fined $27,000
Securities Decisions and Freeze and cease trade orders
Montréal - On May 23, 2012, the Honourable Johanne White, Justice of the Peace of the Court of Québec, district of Montréal, ordered Sam Grinfeld to pay fines totalling $27,000 following an action taken by the Autorité des marchés financiers (the AMF).
In November 2011, Sam Grinfeld pleaded guilty to three counts: one count for aiding with illegal practice, one count for aiding with an illegal distribution and one count for making misrepresentations to an investor. Justice White ordered him to pay fines totalling $27,000.
In this matter, Sam Grinfeld and Sebouh Melkonian, who was fined $127,000 in February 2012, approached a company in Laval seeking capital to ensure its future. Their goal was to raise $700,000 in public investments through the U.S. Pink Sheets stock exchange. Investors were approached to purchase shares in this Laval company. The actions of the respondents resulted in a loss of approximately $120,000 for 19 investors and contributed to the bankruptcy of the company, which had hoped to raise capital for its development in December 2008.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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