Illegal practice - AMF lays charges against Patrick Massé and Dave Tremblay
Friday, March 28, 2014
Montréal – The Autorité des marchés financiers (“AMF”) has launched penal proceedings against Patrick Massé1 and Dave Tremblay2 and has filed five counts of illegal practice as a securities dealer and distribution without a prospectus. If they are found guilty on all counts, the defendants will be liable to a minimum fine of $17,000.
The AMF investigation revealed that these individuals carried out loans with investors while promising monthly returns of 5%. At least two investors lost a total of $80,000.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec’s financial sector.
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1The respondent Patrick Massé should not be confused with insurance of persons representative and dealing representative (mutual fund dealer) Patrick Massé, who holds certificate No. 158 072.