Violation of cease trade order - AMF files suit against Éric Grenier and seeks $8,000 in fines
Securities
Montréal – The Autorité des marchés financiers (AMF) has launched a penal proceeding against Éric Grenier in the Court of Québec, district of Montréal, and is seeking fines totalling $8,000.
The AMF filed two charges against Éric Grenier. He faces one count for aiding Les Services Internet Héricom inc. to violate a cease trade order issued on September 14, 2007 by the Bureau de décision et de révision en valeurs mobilières (BDRVM) via the website www.managesurf.com, and a second count for aiding Les Services Internet Héricom inc. to illegally pursue activities as a securities dealer. The AMF is seeking fines that are double the minimum penalty prescribed under the Securities Act.
On December 29, 2009, the BDRVM ordered the website www.managesurf.com to be shut down, and issued further cease and freeze trade orders against Éric Grenier and the firms 9152-7515 Québec inc. and 9103-3597 Québec inc., which also operate under the names Les Services Internet Héricom, Les Services Internet DWClick, DUWClick Webmedia, Consultant Héricom, Consultant en réseautique TSF and Radiointernet.ca.
In its decision, the BDRVM noted that the following allegations and facts as submitted by the AMF were of particular concern:
- The respondents make solicitations via a website for the purpose of investing funds and generating clicks on ads so as to increase the advertising revenue of firms related to Mr. Grenier;
- The proposed investment is presented as a "donation," based on evidence from the AMF, in a bid not to qualify as a security governed by the Securities Act;
- Investors are offered a return of 144%, and the investment is presented as guaranteed and risk-free.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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