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.
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