Decisions and Freeze and cease trade orders Investor warnings - News Securities
Montréal – On May 31, 2022, in a decision rendered further to an ex parte request by the Autorité des marchés financiers (the “AMF”), the Tribunal administratif des marchés financiers (the “Tribunal”) issued orders against:
- Dominique Dufour
- Syrile Elat Atouma
- Stalone Nkembeng Mbana
- Claudia Bimu Nkwenti
- Luc Musoro Cheikai Mbah
- Erika Jane Musoro
- Several persons related thereto as impleaded parties
The orders of the Tribunal relate to the respondents' activities in connection with the websites of Ace Prime Group and Axes-Prime Ltd.
In addition to being the subject of numerous complaints, Axes LLC and Axes-Prime Ltd. have already had two investor warnings issued in their regard by the AMF, on February 8, 2021 and December 20, 2021. Moreover, the activities related to the aforementioned websites are currently being investigated by the AMF.
To date, the investigation has revealed that investors are being solicited by telephone to invest in, among other things, the foreign exchange market (FOREX), derivatives or the stock exchange, including through contracts for difference (CFDs), via the application MetaTrader 5. They are also being asked to provide personal information and access to their computers through the application AnyDesk. They are then receiving repeated calls pressuring them to invest additional amounts.
The invested amounts are directed to bank accounts related to Dominique Dufour, then redirected either to bank accounts located abroad or to cryptocurrency trading platforms. Several investors have been unable to withdraw the funds they have invested.
Decision of the Tribunal
In its May 31, 2022 decision, the Tribunal determined that the respondents would use the names and websites of Ace Prime Group and Axes-Prime Ltd. as instruments for soliciting the investing public and as stalking horses and would participate in a scheme to mask illegal activities as derivatives and securities advisers and dealers in contravention of the regulations.
Consequently, the Tribunal ordered all the respondents to cease directly or indirectly engaging in any transaction in derivatives or securities and to cease acting as advisers within the meaning of the Derivatives Act and the Securities Act.
The Tribunal also ordered all the respondents not to directly or indirectly dispose of the funds, securities or other assets in their possession and to refrain from withdrawing funds, securities or other assets from any other person having them on deposit, under control or in safekeeping on their behalf.
The Tribunal also ordered Mr. Dufour to shut down the websites www.aceprimegroup.com and www.axes-prime.com and any other websites and remove any announcement, advertisement or other publication of the same nature published or disseminated, directly or indirectly, via the Internet or any other means.
Special method of service
The Tribunal has authorized the AMF to serve this decision on Syrile Elat Atouma, Stalone Nkemberg Mbana, Claudia Bimu Nkwenti, Luc Musoro Cheikai Mbah, Erica Jane Musoro and impleaded parties Binance Canada Ltd., Namecheap Inc. and Cloudfare, Inc. by publication of this news release on the AMF’s website and by way of certain e-mail addresses.
The AMF wants to remind the public that offering investments—whether over the Internet, by telephone or in person—is a regulated activity. Any individual or firm promoting an investment product must be registered with the AMF or benefit from a registration exemption. To make sure you’re not illegally solicited, check whether the firm or individual who contacted you is on the Register of firms and individuals authorized to practise or call the AMF Information Centre.
In particular, the AMF wishes to emphasize how important it is not to ever agree to download software that allows someone to access one’s computer remotely.
The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.
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