Montréal - On February 20, 2012, Judge Louis Dionne of the Court of Québec, district of Québec City, ordered Michel Noreau to pay fines totalling $32,000. He pleaded guilty to 12 counts with respect to illegal distributions by Véhicules Nemo inc. ("Nemo").
More specifically, Michel Noreau, a former director of Nemo, pleaded guilty to five counts of acting illegally as a securities dealer, five counts for aiding Nemo with the distribution of a security without a prospectus and two counts for representing that Nemo would be listed on an exchange without the prior approval of the Autorité des marchés financiers(the AMF).
In this matter, the AMF also filed lawsuits in December 2010 against Jacques RancourtRespondent Jacques Rancourt should not be confused with Jacques Rancourt, independent financial planning representative from Rosemère, holder of certificate 135 213, who is not affected by this lawsuit., Guylain Pelletier and Véhicules Nemo inc. with a total of 248 charges. The joint trial for these defendants is expected to be held from November 12 to 23, 2012 in the Court of Québec (Criminal and Penal Division), district of Québec City. The AMF's investigation revealed that 167 investors invested and lost just over $4 million in Véhicules Nemo inc.
On June 17, 2010, at the request of the AMF, the Bureau de décision et de révision(the Bureau) issued freeze and cease trade orders against the activities of Véhicules Nemo inc. In its request, the AMF sought speedy intervention by the Bureau given that a special meeting of the shareholders was called to approve the sale of assets to Alternative Green Technologies Inc. The issues raised by the AMF at the hearing before the Bureau proved to be well founded.
The Autorité des marchés financiers(the AMF) is the regulatory and oversight body for Québec's financial sector.
- 30 -
Information:
Media only:
Sylvain Théberge: 514-940-2176
Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
Additional news
- Permanent injunction against Asim Ahmed
- Warning about Asim Ahmed’s fraudulent activities
- Renée Morier and Sylvain Milette Fined $354,703
- Numerous achievements in preventing, detecting and sanctioning offences
- Illegal insider trading - Carl Larivière fined over $89,000
- Illegal insider trading - AMF uncovers tipping network and will seek highly deterrent fines
- AMF hosts cybersurveillance experts
- Asim Ahmed sentenced to 4 years in prison
- Communication of privileged information - Insider fined $5,000
- Allegations of illegal insider trading - Searches and orders against seven individuals
- Trading based on privileged information - AMF launches penal proceedings against Carl Larivière
- Illegal distributions related to Véhicules Nemo inc. - Jacques Rancourt and Guylain Pelletier fined $1,000,000
- Renée Roy ordered to pay $60,000 administrative penalty
- Illegal practice and distributions - Alain Côté sentenced to six months in prison
- Freeze and prohibition orders against Asim Ahmed and Mahmood Ahmed
- AMF calls for administrative penalties against Renée Roy and Jean-Pierre Lavallée
- ACGI Inc. and Alain Côté - AMF files 185 charges and seeks over $2.7 million in fines
- Véhicules Nemo inc. - AMF files 260 charges and seeks more than $3 million in fines
- Véhicules Nemo inc. - Service of decision by Bureau de Décision et de Révision
- Véhicules Nemo inc. - Service of hearign notice
- Véhicules Nemo inc. - Decision by Bureau de décision et de révision
- AMF intervenes to protect shareholders of Véhicules Nemo Inc. - Cease trade and freeze orders related to Véhicules Nemo Inc.