The Autorité des marchés financiers has launched penal proceedings against a couple of firms and individuals, alleging that they engaged in illegal distributions, among other things.

The AMF has brought a case in the Court of Québec (Criminal and Penal Division) against Investissements Blue Ship Inc., Michel Lesage, Louis-Philippe Séguin and Corporation Stratégique SPJ inc. for allegedly taking part in illegal distributions and illegal activities as a securities dealer. A couple of the defendants are also accused of insider trading. None of these allegations have been proven.

The AMF reports that it has filed two charges against Investissement Blue Ship for assisting Corporation Stratégique SPJ with the distribution of a form of investment without a receipt from the AMF. The firm is also accused of acting as a securities dealer without being registered. For both charges, the AMF is seeking a fine of $12,000, it says.

The regulator adds that it has filed five charges against Lesage for assisting Corporation Stratégique with the distribution of an investment without a receipt. For the five charges, the AMF is seeking a fine of $50,000. It has also filed 13 charges against Séguin, and is seeking a fine of $95,000.

Finally, the AMF has filed 15 charges against Corporation Stratégique. For the 15 charges, it is seeking a fine of $91,000.