July 29, 2019 09:30
Photo : Freepik
Mario Langlais has just been sentenced to nine months in prison and fines amounting to 234 000 $ by the Court of Quebec, in the district of Terrebonne. In September 2018, Mr. Langlais had pleaded guilty to seven counts of the indictment. Three charges pertained to the illegal exercise of activity of securities dealer, two counts related to using the placement without a prospectus, and a chief was the placement without a prospectus. To have contravened a decision rendered by the administrative Tribunal of the financial markets (TMF), Mr. Langlais was facing a charge.
The duration of the infringement, breach of confidence, degree of responsibility and the financial consequences and psychological harm to the victims have been of the aggravating factors identified by the Court.
A prosecution by the Authority
Thefinancial markets Authority has announced that she intentait a criminal prosecution in July 2017, after completing its investigation. It was shown that Mario Langlais, while he was registered as a representative in insurance of persons and group insurance of persons and as a representative of mutual fund dealer, was offered to clients to make real estate investments for a total of $ 350,000. Subsequently, he had used these sums for its own benefit or that of other investors.
Mr. Langlais and his company 9183-6643 Quebec inc., which he was the sole shareholder and director, were never established from the prospectus submitted to the approval of the Authority, nor been given an exemption. The company was referred to by four charges, including two counts of unlawful exercise of activities as a securities dealer and two counts of investment without a prospectus.
The approach of the Authority was started in February 2016, when she had intervened to stop “a possible scheme for the appropriation of funds” involving Mario Langlais. It was then obtained of the TMF freeze orders, prohibition of operation on the values and exercise of the activity of counsel against Mr. Langlais and his company.