A Quebec man accused of tax evasion by provincial tax authorities won an “important” legal battle after the Court of Quebec applied the landmark Jordan ruling and ordered a stay of proceedings and charges.
The noose is tightening around Dominic Lacroix, a Quebec City businessman believed by Quebec’s financial watchdog and the U.S. Securities and Exchange Commission to be behind PlexCorps, a controversial cryptocurrency start-up accused of fraudulently selling millions of dollars’ worth of digital assets.
A Quebec City businessman believed by Quebec’s financial watchdog and the U.S. Securities and Exchange Commission to be behind PlexCorps, a controversial cryptocurrency start-up accused of fraudulently selling up to millions of dollars’ worth of tokens, has been ordered to hand all bitcoins in his possession within 48 hours, ruled the Quebec Financial Markets Administrative Tribunal.
Nearly 10 years after Quebec’s financial watchdog launched penal proceedings against an investment consultant, a Court of Quebec judge fined Denis Patry $2.1 million after being found guilty of 89 counts of securities violations.
Dominic Lacroix, a Quebec City businessman believed by Quebec’s financial watchdog and the U.S. Securities and Exchange Commission to be behind PlexCorps, a controversial cryptocurrency start-up accused of fraudulently selling up to $15 million of tokens, was sentenced to two months of prison and fined $100,000 for contempt of court.
The U.S. Securities and Exchange Commission has obtained an emergency asset freeze against PlexCoin, a controversial “fast-moving” and “purported” initial coin offering (ICO) that has raised up to $15 million from thousands of investors since August 2017.
The SEC also filed charges against Dominic Lacroix, a “recidivist” Quebec securities law violator, his partner Sabrina Paradis-Royer and his company PlexCorps, according to a new filing dated December 1, 2017 in Brooklyn, New York.
Why it matters: Regulators are keeping a watchful eye on ICOs, hoping to make life difficult for predatory offerings that promise exhorbitant returns.
Quebec’s financial watchdog is putting the squeeze on Dominic Lacroix.
He is a Quebec City resident who is thought to be behind an initial coin offering, PlexCoin, that is set to launch on Friday, October 13th.
The Autorité des marchés financiers (AMF) is working hard to prevent that from happening, and is ramping up the pressure.
Next Tuesday, on October 3rd, before Quebec Superior Court in Quebec City, the AMF will argue that Lacroix should be found guilty of contempt of court for failing to comply with orders issued by the Quebec Financial Markets Administrative Tribunal.
A Montreal man was fined $11.2 million, the largest fine ever issued in Quebec for securities offences, and sentenced to a three-month jail sentence for fraudulent penny stock practices commonly referred to as “pump and dump” scheme.
Jean-François Amyot is among one of five people and two companies that plead guilty to charges laid against them by the Quebec financial watchdog, Autorité des marchés financiers, nearly three years ago during a trial earlier this year.
The Quebec financial watchdog raided last week the offices of Dominic Lacroix, a Quebec City man who has been prohibited by a tribunal to promote and solicit investors for a new virtual currency called PlexCoin.
The raid turned up a list of people from around the world, including Quebec, the U.S., and Africa, who expressed an interest in investing in PlexCoin, said Sylvain Théberge, a spokesperson with the Autorité des marchés financiers (AMF), the regulatory and oversight body for Quebec’s financial sector.
Desjardins Financial Security Services Inc. has been fined $200,000 and costs of $25,000 following a settlement agreement reached with the Mutual Fund Dealers Association of Canada over its failure to conduct a reasonable supervisory investigation on one of its former representatives who misappropriated $3.7 million from several clients.
More than a decade after a tip led the Competition Bureau to conduct an investigation on eight Montreal-area companies suspected of rigging bids for private sector contracts, a Quebec numbered company specializing in the installation of ventilation systems was fined $140,000 fine after it plead guilty to one count of bid-rigging.