May 8, 2023 Investor warnings - News

Montréal – The Autorité des marchés financiers (AMF) is warning Québec consumers about the activities of TNO Bourse, CBN Bourse and several individuals involved in those activities, which were conducted as part of a scam.

The AMF feels it is particularly important to caution the public about this scam because most of the people solicited were minors or people who had recently reached adult age.

The five respondents to an AMF application filed in this case with the Tribunal administratif des marchés financiers (the “Tribunal”) mainly used fake names and stolen photographs to conceal their true identities from investors who interacted with them. Specifically, they claimed to be Rosalie Dupuis, Justine Duffour and Erika Pelletier, which are fake names, and to be acting on behalf of TNO Bourse and then CBN Bourse, which are legally non-existent sham entities.

According to an investigation by the AMF, the respondents solicited and continued to actively solicit consumers on the Internet and social media to invest money through TNO Bourse and CBN Bourse. The investors were then charged a service fee to receive the supposed profits. The victims of this type of scam do not typically recover their initial capital or the service fee.

The AMF’s investigation also found that the respondents made misrepresentations to convince those interested to invest their money, illegally engaged in the business of trading in securities, had not prepared a prospectus subject to a receipt issued by the AMF, and were not benefitting from an exemption.

According to the evidence submitted by the AMF to the Tribunal, at least 150 people invested a total of more than $165,000. Substantially all the funds have vanished from the respondents’ bank accounts and have been either concealed or wasted.

Call to consumers

The AMF is asking anyone with information that could assist it in its ongoing investigation of this matter to contact it at 1-877-525-0337, ext. 2652.

Orders issued by the Tribunal

On April 20, 2023, the Tribunal issued orders against some of the respondents in order to put a stop to their solicitation activities.

As the respondents either are minors or were minors at the time of some of the alleged facts, the Tribunal began by issuing a ban on publishing, broadcasting or disclosing the names the respondents or any information that might identify them. The Tribunal also ordered the unredacted documents containing information that could identify the respondents to be sealed.

The Tribunal then ordered the respondents to cease directly or indirectly engaging in any transaction in securities subject to the Securities Act. It also ordered them to cease acting as dealers or advisers, including engaging in any promotion or solicitation in connection any investment, directly or indirectly, via the Internet or other means, including, but without being limited to, Facebook, Instagram and TikTok.

Furthermore, the Tribunal ordered the respondents to remove, within three days of its decision, any announcement, advertisement or other publication of the same nature published or disseminated, directly or indirectly, via the Internet or other means, including, but without being limited to, Facebook, Instagram and TikTok, relating to TNO Bourse and CBN Bourse.

The Tribunal also ordered the respondents to shut down, within three days of its decision, the website www.cbnbourse.com and all social media accounts that refer to TNO Bourse and CBN Bourse.

In addition, the Tribunal ordered the respondents not to directly or indirectly dispose of the funds, securities or other assets in their possession, including any cryptocurrencies or cash, obtained as a result of TNO Bourse’s and CBN Bourse’s securities trading activities and investments.

Lastly, the Tribunal ordered several impleaded financial institutions not to directly or indirectly dispose of the funds, securities or other assets they have on deposit, under control or in safekeeping on behalf of each of the respondents.

The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.

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
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