The Quebec Securities Commission reports that on December 1, at the Quebec City Courthouse, Michel Poirier pled guilty to 20 counts brought against him by the QSC.

Judge Alain Morand of the Court of Quebec, Criminal and Penal Division, ordered him to pay a total fine of $42,000 within five years.

Poirier admitted his guilt in having assisted two firms in distributing their shares without either company having a prospectus approved by the QSC. He pled guilty to five counts of this and incurred a fine of $25,000.

He also admitted having carried on business as a securities dealer without being registered with the QSC. He pled guilty to 15 counts, incurring a fine of $17,000.

On October 15, at the Baie Comeau Courthouse, Poirier also pleaded guilty to six counts brought against him by the QSC, for which he was ordered to pay a total fine of $15,000 within two years.

Poirier, acting through BFM Conseils, offered financial assistance to holders of RRSPs and similar types of registered plans (LIRAs, LIFs or pension funds of an former employer) through newspaper ads. The funds collected were then transferred to several numbered companies, which only returned to clients a portion of their investment in the form of a loan.