Montréal - The Autorité des marchés financiers (the AMF) has filed 138 charges against three individuals related to Tectane Technologies Corporation and is also seeking fines totalling $627,000.
Nino Mario De Santis is facing 64 counts and fines totalling $402,000 for several offences, including illegal practice as a dealer and aiding with a distribution of securities without a prospectus. Julie Morin¹ faces 72 counts and the AMF is seeking a fine of $216,000 for violations similar to those alleged against De Santis. Finally, two charges were brought against Hubert Tom Fournier and a fine of $9,000 is being sought against him.
In this matter, the defendants allegedly recruited investors and offered them the opportunity of buying shares of Tectane, while promising that the value of the shares would increase significantly with the company's upcoming exchange listing. Some investors were also told that Tectane was worth $700 million and that the World Bank had put up 50% of the value because it wanted Tectane to assist developing countries. Some investors were also told that the singer Bono would soon appear in the media alongside Tectane.
It is estimated that the 41 investors on behalf of whom charges were filed have lost approximately $184,000 in this matter.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337
¹ Respondent Julie Morin should not be confused with Julie Morin, the insurance representative and mutual fund dealer whose certificate number is 1525741, nor Julie Morin, the insurance of persons representative and mutual fund dealer whose certificate number is 2089451.