The Autorité des marchés financiers reports that the Bureau de décision et de révision en valeurs mobilières issued a freeze order, at the AMF’s request, on a $770,000 debenture issued by Water Bank of America to 9151-5270 Québec inc.

Additionally, the BDRVM issued a cease trade order against 9151-5270 Québec inc., Noble & Finance inc., Les Investissements Noble & Finance inc. and Michel L’Italien, and prohibited them from pursuing activities as a securities dealer.

The AMF explained that it took action based on the allegations that: 9151-5270 Québec inc. distributed a form of investment governed by the Securities Act, without a prospectus approved by the AMF; that the firm, and its president and director Michel L’Italien, made misrepresentations to investors. These allegations have not been proven.

However, the AMF said that it decided it was in the public interest to issue a decision without a prior hearing, “because of the urgency of the situation.”