A man found guilty of participating in illegal distributions connected with hedge fund firm Norshield Financial Group has been fined by a Montreal court, reports the Autorité des marchés financiers (AMF).

The Quebec securities regulator announced that Enrico Bruni has been ordered to pay $18,000 in fines after he was found guilty on four of the six counts brought against him by the AMF in connection with the illegal distribution of products related to Norshield.

The AMF says Bruni was found guilty of two counts of illegally acting as a securities dealer, and two counts of aiding Commax Management Inc. with illegal distributions.

Back in March 2010, the regulator launched 11 cases concerning the illegal sale of investment vehicles related to Norshield. While the Ontario Securities Commission (OSC) led the investigation into Norshield itself, the AMF investigated the activities of reps in its jurisdiction in connection with the case.

The AMF reports that the 11 purported reps it charged have been found guilty, and fines totalling $646,500 have been imposed. It was seeking $976,000 in fines in those cases, including $36,000 against Bruni.