Quebec regulators are recommending that the province’s minister of finance appoint a provisional administrator for the assets of another fund company in Quebec.

The Autorité des marchés financiers reports that, at its request, the Bureau de décision et de révision en valeurs mobilières is recommending that the Zenith Stable Value Growth Fund, Zenith Management and Research Corp., and Les conseillers en valeurs Planiges Inc. be placed in administration.

On Sept. 12, also the request of the AMF, the BDRVM issued a freeze order, prohibiting the Zenith Fund from carrying out “any activity in respect of a transaction in securities,” and suspended the rights granted by registration to Les conseillers en valeurs Planiges.

Back then, the AMF alleged that money has been misappropriated from the firms and that account statements containing misrepresentations had been issued. However, no formal allegations have been brought and nothing has been proven.