May 30, 2018 09:45
Photo : Freepik
The aggrieved investors have seen return an amount of 9 377 850 $ by thefinancial markets Authority last year as part of the settlement of its records, has revealed the regulator in its assessment of the implementation of the legislation in 2017. Fines and administrative penalties totaling 44 238 071 $ have also been imposed, including 433 608 $ are related to violations of the Act respecting the distribution of financial products and services (distribution ACT).
What’s more, seven individuals were sentenced to a total of more than 26 years of imprisonment at the end of the procedures conducted by the Authority, she added. In criminal matters, eight people received prison sentences totalling 17 years.
The Authority has filed 82 actions before the Court of Québec or administrative Tribunal of the financial markets against 124 individuals and companies. Among the charges, 109 were brought for the infringement of the ACT. The investment prospectus is the category of offences the most common.
“The positive results of our interventions must also be seen in the context of the judgment in Jordan, which limits the time that can take the judicial procedures in criminal matters. We have hired additional resources and continued efforts of our teams have helped advance and carry out a very large number of folders within the new framework established by the supreme Court of Canada, ” says Jean-François Fortin, executive director of the market control of the Authority.