Montréal - The Autorité des marchés financiers ("AMF") has launched a penal proceeding against Clément Forget and Claude Parent1. It has filed two charges against Clément Forget for influencing or attempting to influence the market price or the value of securities by means of unfair, improper or fraudulent practices. As for Claude Parent, the AMF has filed one charge against him for aiding Clément Forget with influencing or attempting to influence the market price or the value of securities by means of unfair, improper or fraudulent practices. The AMF is seeking fines totalling $60,000 against them.
The AMF investigation revealed that Clément Forget conducted securities transactions in a bid to boost the market price of the securities of Les Technologies Clemex, of which he is president. As for Claude Parent, who acted as Clément Forget's investment adviser, he aided him with carrying out a stock exchange transaction targeted by one of the charges.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial sector.
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1 The respondent Claude Parent should not be confused with Claude Parent, financial planner and dealing representative (mutual fund and exempt market dealer) attached to Fonds d'investissement FMOQ inc. and Société de gestion privée des Fonds FMOQ inc. (certificate no. 125988 and NRD no. 1662461).