Yves Dion fined $218,000
Decisions and Freeze and cease trade orders Securities
Montréal – In a decision handed down on October 7, 2009, Judge François Kouri of the Court of Québec (Criminal and Penal Division), district of Saint-Hyacinthe, ordered Yves Dion to pay a fine of $218,000.
Yves Dion was found guilty on 18 counts brought against him by the Autorité des marchés financiers (the "AMF") in May 2008. For the nine counts related to pursuing activities as a dealer, Yves Dion was fined $18,000, which is double the minimum fine set by the Securities Act. He was also fined $200,000, slightly more than four times the minimum fine, for making distributions without a prospectus.
In handing down his decision, Judge Kouri stated that he did not find any mitigating circumstances in this matter. He considered the planned and repeated actions committed by Yves Dion, the prolonged period during which the offences were committed, the fact that Yves Dion betrayed the trust of his victims, the substantial losses suffered by his victims, social disapproval and general deterrence.
Judge Kouri also stated that the public interest would not be served with a minimum fine and that the objective and subjective seriousness of the offences made it inappropriate to impose minimum fines. He added that it was urgent and important to send a clear message.
In this matter, nine investors in Yves Dion's firewood company suffered losses of approximately $500,000. Some investors had even issued cheques directly to Yves Dion. Consumers are reminded that they should check whether the person soliciting them has obtained the necessary AMF authorizations before they invest their savings in an investment project.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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