The Autorité des marchés financiers announced that it is initiating criminal proceedings against three people associated with an unregistered dealer, Forex Canada NTS Inc.
The AMF is bringing charges against Dominic Longpré, Jean Desmarteau and Alexandre Lauzière before the Court of Quebec (Criminal and Penal Division). They are accused of having infringed upon the Quebec Securities Act.
Forex’s president, Longpré, is facing 60 counts, whereas Desmarteau and Lauzière are facing 18 and eight counts, respectively. All three are accused of:
- carrying on business as dealer without being registered; and
- helping Forex to distribute securities without it having an approved prospectus.
If found guilty as charged, they will be ordered to pay minimum fines of $168,000, $46,000 and $24,000, respectively.
The AMF’s predecessor, the Commission des valeurs mobilières du Québec, issued a freeze and cease trade order on May 23, 2002 against Forex and Longpré.