Financial services, Quebec, White-collar crimes
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Nearly $8.8 million in monetary sanctions imposed in 2016 for Quebec securities offenses

When Judge Réna Émond of the Court of Québec imposed just before the Christmas holidays fines totaling $120,000 on Danny Gagné and ISpeedzone Inc. for illegal practice as a securities dealer, it wrapped up a good year for Quebec’s financial watchdog.

Nearly $8.8 million in fines and administrative penalties were imposed on 158 individuals and firms in 2016 for various offences under laws administered by the Autorité des marchés financiers (AMF), according to the latest enforcement report by the regulator. Of the $8.8 million in total monetary sanctions, $7.6 million involved securities or derivatives laws violations, with another $1 million stemming from Quebec’s Distribution Act. The report reveals that 15 offenders did more than 11,000 hours of compensatory work, with one offender choosing to pay his fines through a prison sentence of 729 days.

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