June 17, 2015 Investor warnings - News

Montréal - The Autorité des marchés financiers (the "AMF") cautions Québec consumers about solicitations by Kevin Awad and KJRVS Inc., of which he is the president and shareholder.

Kevin Awad is not registered with the AMF and is therefore not authorized to solicit Québec consumers or act as a dealer for the purpose of investing. Mr. Awad purportedly approached people through his Facebook page, identified in the name of KJRVS inc., and claimed to have a unique investment system. Investors could open an account on his company's website which allowed them to recommend securities, determine the amount to be invested during investment sessions, etc.

Although KJRVS Inc. appears to no longer be carrying on business and its website cannot be accessed, certain information suggests that Kevin Awad may begin soliciting investors again.

To ensure compliance with the law and protect the public, the AMF has asked the Bureau de décision et de révision (the "Bureau") to issue prohibition orders and administrative penalties against Kevin Awad and KJRVS Inc.

Reminder to investors

The AMF also reminds investors that it is important to be cautious before investing, regardless of where the firms or individuals offering investments are based. Investors should make sure that firms and individuals acting as intermediaries are authorized to do so by checking the register on the AMF website or calling the AMF Information Centre.

If you discover suspicious ads or have responded to offers similar to those mentioned above, we urge you to contact the AMF Information Centre.

Update

On November 5, 2015, the Bureau allowed the AMF’s request (pdf - 1 MB)This link will open in a new windowUpdated on November 5, 2015 in respect of the respondents. More specifically, the Bureau ordered Kevin Awad and KJRVS Inc. to cease carrying on any activity, directly or indirectly, in respect of a transaction in securities, except for any transaction in securities carried out on the behalf of Kevin Awad.

The Bureau also ordered Kevin Awad to remove, within five days of its decision, any website pertaining to the operations of KJRVS Inc. or any other site of the same nature.

In addition, the Bureau imposed an administrative penalty of $2,000 on Kevin Awad and KJRVS Inc. for pursuing activities as a dealer without being registered as one with the AMF.

* On July 30, 2019, Kevin Awad’s name was changed to James William Awad.

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

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