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Prison sentence for illegally practised as a securities broker

by

Writing

4 July 2018 11:30

Photo : Freepik

The judge , Jean-Georges Laliberté of the Court of Québec has endorsed an agreement between theAutorité des marchés financiers and Gilles Payette at the end of a criminal prosecution. Mr. Payette was given a sentence of imprisonment of 90 days and fines of $480,000.

Gilles Payette pled guilty to 23 counts of placement without a prospectus, and 21 counts of illegal practice of the business of dealing in value. The Authority points out that its survey showed that between 2009 and 2014, he has sought investors to finance three investment projects related to the companies Network Impact, E-KONO and Reddentes/IdCentury. He was the sole shareholder and director.

About 20 people have invested approximately 397 000 $ to Mr. Payette, whose part of the money has been deposited in its bank accounts and used for personal use.

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