The Autorité des marchés financiers is asking for a cease trade order against a former registered rep, on allegations that he’s trading anyway.
The AMF is asking the Bureau de décision et de révision en valeurs mobilières to order a former registered rep, Kosta Parthimos, to cease any trading activity in debt instruments and other securities of Barclay’s, Temple Trust and Milestone Financial Ltd. The AMF is also recommending that the BDRVM take any other measure against Parthimos to ensure compliance with the Securities Act.
Parthimos was once registered with the Commission des valeurs mobilières du Québec as a representative, but his rights were suspended on January 24, 2003 and then revoked on August 11, 2003. During an investigation conducted by the commission, it was found that Parthimos:
- distributed to one of his clients debt instruments of the three foreign companies mentioned above without a prospectus; and
- carried on activity as a securities dealer while his registration was suspended.
On May 18, the BDRVM will convene a hearing at which it will consider the AMF’s allegations.