Enforcement action by regulators in Quebec generated millions in fines and penalties last year, along with several years of jail time and more than $1 million returned to victims of misconduct.
According to the Autorité des marchés financiers’ (AMF) enforcement report for its latest fiscal year (ended March 31), a total of 83 firms and individuals were sanctioned by the courts for various offences during the year.
As a result, $17.65 million in fines and administrative penalties were imposed during the year, primarily by the courts, which accounted for about $15.4 million of the total. Six people were given more than six years of combined jail time.
Additionally, seven industry bans were imposed, one freeze order was issued and $1.35 million was returned to victims, the AMF reported.
“The fiscal year just ended was significant for us and brings home the importance of being vigilant against fraud and market abuse,” said Jean-François Fortin, executive director of enforcement at the AMF.
“Amid the current pandemic, markets are particularly volatile, increasing the need for vigilance at all levels and giving our inspection, supervision, investigation and prosecution work added importance,” he said.
The report also revealed that the agency’s whistleblower program, which does not pay rewards for tips, received 104 reports last year. These tips provided information that was used in 10 ongoing investigations and generated 22 new investigations.
“As the report shows, the AMF is continuing to take tangible, positive and transparent action to strengthen the confidence of financial consumers and help markets operate fairly and efficiently,” said Louis Morisset, president and CEO of the AMF.