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The officers of Mount Real écopent of prison sentences and more than$ 9 Million in fines

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June 29, 2018 09:45

The Court of Quebec imposed several officers of Mount Real Corporation, the penalties of imprisonment and fines totalling more than nine million dollars for violating the securities Act. The judgments were returned on 15 January and 15 march.

Thus, Andris E., Laurence Henry and Joseph Pettinicchio écopent each a fine of three million dollars. The last two are also seen to impose sentences of imprisonment staple of 90 days.

False or misleading information

Mr. Spura had pleaded guilty to 66 counts of having helped, by act or omission, Mount Real to submit false or misleading information likely to affect the value or price of securities, or to provide false or misleading information.

Mr. Henry pled guilty to 103 counts of the indictment, of which 45 have helped, by act or omission, Mount Real to submit false or misleading information. The other 58 counts were filed for aiding Mount Real Acceptance Corporation, MRACS Management Ltd. and Real Assurance Acceptance Corporation to proceed with the placement of a shape investment subject to the application of the Law, without having a prospectus approved by the Commission des valeurs mobilières du Québec or the Authority.

Mr. Pettinicchio has pleaded guilty to 70 counts of misleading information (69) and the placement of a form of investment without a prospectus (1).

Other leaders condemned

MESSRS. Spura, Henry and Pettinicchio are the third, fourth and fifth officers of Mount Real to be sentenced in the case. Lino P. Matteo has received a prison sentence of five years less a day and fines of $ 4 910 000 $ as a principal actor in a scheme that caused losses to investors of more than $ 130 million.

Paul Andrea was to impose fines totalling $ 655 000 $ after pleading guilty to a 132-count indictment and cooperated with the Authority in its investigation.

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