The Autorité des marchés financiers reports that the Bureau de décision et de révision en valeurs mobilières has issued a freeze order and an order to cease trading activity, against @rgentum Management and Research Corp., Conseillers en valeurs Chabotpage inc. and the family of @rgentum Funds.
In its request to the BDRVM, the AMF alleges that firm has failed to file financial statements. It also notes a substantial decrease in the net assets of the funds from $8.6 million on June 30, 2004 to $5.3 million on September 13, and says that it has received no explanation for the decrease in value.
The Quebec regulator claims that the firm has not been co-operative in furnishing information, and it notes that the firm intends to liquidate the @rgentum Funds. “This allegation takes into account the fact that investors cannot make an informed decision because of the lack of information about the financial statements,” it says.
None of these allegations have been proven.
Specifically, the BDRVM has ordered @rgentum Management and Research and Conseillers en valeurs Chabotpage inc. not to withdraw, convert to their own use or dispose of any funds, securities or other assets that are in their possession or are under the control or safekeeping of Merchant Capital Group Inc., Canadian Imperial Bank of Commerce (Toronto), CIBC Mellon Global Securities Services Company or BMO Bank of Montreal.
Also, the BDRVM has ordered the family of @rgentum Funds not to dispose of their funds, securities or other assets.
The AMF says it is pursuing its investigation to determine whether penal proceedings are warranted.
Quebec regulator freezes @rgentum funds
Says no explanation given for substantial drop in assets
- By: James Langton
- September 21, 2005 September 21, 2005
- 07:30