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Fines of 167 000 $ for illegal exercise of activity of securities dealer



18 July 2019 11:30

The Court of Quebec imposed fines totaling $ 167 000 to $ Carol Voyer, Gilles Tremblay and Granite Select inc., following a criminal prosecution brought by thefinancial markets Authority.

The respondents were convicted of 23 counts brought against them for investment without a prospectus and illegal exercise of activity of securities dealer.

Mr. Voyer has received $ 105,000 for the ten counts of the indictment which he faced. Mr. Tremblay receives $ 32,000 in fines for the six charges and Granite Select must pay $ 30,000 in fines.

Investments for acquisitions of quarries

The investigation conducted by the Authority shows that between 2013 and 2015, MESSRS. Voyer and Tremblay have solicited investments from four investors for their company, Granite Select. The four people who received flow-through shares of the company so that it can acquire granite quarries in order to exploit them.

“The judge Marie-Claude Gilbert concluded that the flow-through shares proposed to be a form of investment subject to the securities Act and that Granite Select inc. could not enjoy the status of a private issuer. It was concluded then that the defendants helped Granite Select inc. to make investments without a prospectus in seeking or finding investors, ” says the Authority.

The judge also concluded that the evidence shows ” beyond a reasonable doubt that Carol Voyer and Gilles Tremblay have been engaged in the business of dealing in securities, acting as intermediaries, making the offering of such securities while they were not registered as such with the Authority “.


It is not a question of the first difficulties with the justice of Mr. Voyer. He had been hit in 2015, with fines totalling almost a million dollars in connection with two criminal proceedings brought by the Authority. The Chamber of financial security was also cancelled for a period of ten years by 2014. Finally, theregulatory Body of the securities trade (IIROC) has imposed a fine of $ 40,000 and a two-year suspension of his right to exercise in 2012.

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