Illegal practice, illegal distributions and fraudYves Létourneau sentenced to 30 days in prison and fined $112,800
Securities Decisions and Freeze and cease trade orders
Montréal – On April 4, 2017, Judge Yannick Couture, Justice of the Peace of the Court of Québec, district of Saint-Joseph-de-Beauce, imposed a prison term of 30 days and fines totalling $112,800 on Yves Létourneau related to illegal practice as a securities dealer.
Yves Létourneau had previously pleaded guilty to the 11 charges filed by the Autorité des marchés financiers (the “AMF”) as part of a penal proceeding launched in 2014. He faced four charges for making distributions without a prospectus, four charges for illegal practice as a securities dealer and three charges for having engaged or participated in a course of conduct that perpetrates a fraud on a person.
Yves Létourneau convinced two investors to borrow money for investment purposes and promised returns of 8 to 10% a year. He never made the promised investments and instead misappropriated the funds invested. The two investors lost a total of $88,605.
The fines imposed by Judge Couture are double the minimum fines for each charge.
The Autorité des marchés financiers (the “AMF”) is the regulatory and oversight body for Québec’s financial sector.
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