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Penalties totalling $ 205 000 $ for investments without being registered as a dealer

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April 2, 2019 09:30

The administrative Tribunal of the financial markets has imposed penalties totalling $ 205 000 $ Serge Lacroix , and prohibits its business, Transactions Excel, to carry out any activity in connection with breaches of the securities Act. These sanctions come as a result of a request of theAuthority for the financial markets.

The Court has also cancelled the subscription agreements of 26 underwriters of the Transactions Excel. The company must also reimburse the underwriters referred to and account for the reimbursement to the Authority within a period of six months.

An Amf investigation reveals that Mr. Lacroix has made investments without a prospectus, has made investments without being registered with the regulator as a broker, have hindered the work of the representatives of the Authority in the course of their investigation and have forwarded false documents.

It is now forbidden to Mr. Lacroix and the company to carry out any activity in order to perform an operation on the securities Transactions Excel.

Between 2013 and 2016, Mr. Lacroix has sought investment to start his company with people who have followed a course on the “day trading” offered on the platform Groupon. It has been harvested 480 000$, in addition to an amount of 100 000$, from which the subscriptions were subsequently cancelled by the underwriters, which have been refunded.

Stéphane Létourneau, the associate of Mr. Lacroix, came to an agreement with the Authority under which it is committed to pay compensation of$ 180,000 investors.

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