Tuesday, January 25, 2011

Mount Real: $ 104 000 fines to Paul Messier Jr

Paul Messier Jr. must pay $ 104 000 fines for having made illegal investments and acted as broker in the case of Mount Real.
Paul Messier, Jr. is thus fined twice higher than the minimum set by law. The actions that the Autorité des marchés financiers (AMF) criticizes it took place from 1999 to 2004.
On several occasions, he approached seven clients to invest amounts ranging from $ 5000 to $ 500 000 in Mount Real Corporation. In the bankruptcy of the latter, in 2006, these customers have lost their investments, says the trustee's investigation of the House financial security.
For pleading guilty to these actions in March 2008, Paul Messier Jr has been removed temporarily for a period of five years by the FSB, it only taking effect until the resumption of his law practice. He was sentenced to pay fines of $ 2,000.
Paul Messier, Jr. is not alone in facing this matter to justice. On January 24, 2007, the AMF filed 619 charges against 24 individuals who acted as representatives in the matter of Mount Real Corporation and its subsidiaries.
To date, 19 individuals (Victor Lacroix Ferruci Armando, Christophe Sweep, Luigi Muro, Anthony Cappellano, Eric Couture, Larraine Lyttle, Yves Tardif, Guy Prescott, Carole Dorion, Sylvie St-Denis, Antonella De Niro, Paul Quenneville, Jaime Lao Wan Lian, Francesco Iaconno Fayza Rifai, Rene Proteau (awaiting sentencing), Nick Mylonakis (awaiting sentence) and Paul Messier Jr) were convicted of 498 counts and $ 2.3 million fines.

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