The Autorité des marchés financiers (AMF) announced that it has filed charges against Tuteur Modulaire J. C. Inc. and two individuals, over an alleged improper distribution.
The AMF has launched a penal proceeding, and filed 19 charges against Tuteur Modulaire and its shareholders and officers, Jocelyn and Claude Lapierre, alleging illegal practice as a dealer, and making distributions without a prospectus. The allegations have not been proven.
The regulator claims that the Lapierre brothers approached investors who gave them money to purchase shares of their company, Tuteur Modulaire, which never produced its product, a modular structure for staking plants. At least four investors lost a total of approximately $97,000, it says. The AMF is seeking $125,000 in fines.