Crypto-asset exchange platforms under the spotlight
The Quebec financial watchdog is clamping down on foreign crypto-asset trading platforms.
Tag: Autorité des marchés financiers (AMF)
Appeal court reaffirms financial watchdog’s discretionary power
Quebec’s financial watchdog cannot be compelled to exercise its discretionary power to conduct an investigation into the “moral character” of individuals seeking a money-services business license as it is at the “very heart” of its specialized jurisdiction, held the Quebec Court of Appeal.
Suspected PlexCoin founders agree to pay nearly US$7 million
A Quebec City couple allegedly behind a cryptocurrency start-up accused of fraudulently selling millions dollars worth of tokens agreed to relinquish the entire amounts raised from PlexCoin investors.
Quebec judge stays insider trading trial against former Amaya CEO
Gaffes by the Quebec’s financial watchdog prompted a Quebec judge to stay charges of insider trading and market manipulation against former online gambling mogul David Baazov and his co-accused.
Alleged PlexCorps founder ordered to hand bitcoins to Quebec financial watchdog
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.
Investment counsellor fined $2.1 million
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.
Montreal man ordered to pay largest fine ever issued for Quebec securities offences
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.
Quebec financial watchdog raids offices of man prohibited from promoting PlexCoin
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.
Quebec financial watchdog considering its options over PlexCoin
Quebec’s financial watchdog is considering handing over the case involving Dominic Lacroix and his companies, who has been prohibited by a tribunal to promote and solicit investors for a new virtual currency called PlexCoin, to police authorities.
The Autorité des marchés financiers, the regulatory and oversight body for Québec’s financial sector, is also considering launching penal proceedings against Lacroix and his companies, said Sylvain Théberge, AMF’s spokesperson. Such proceedings would take place before the Court of Quebec, a provincial court.
“We are talking about thousands of persons who have shown an interest in this system,” said Théberge, adding that a decision as to whether to call in police or refer the matter for penal proceedings will take place this week. “We are extremely concerned. It seems to us, until the contrary is proven, that investors may become involved in a high-risk investment.”
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.
Quebec’s anti-corruption law proves to be a niche market for accounting firms
Quebec’s anti-corruption law, adopted more than a year ago in the wake of allegations of bribes, collusion, influence peddling, and widespread corruption in the construction industry, is proving to be good business for accounting firms.