Quebec’s securities regulator is seeking $810,000 in fines and a prison term against a Montreal man that it alleges issued securities illegally.

The Autorité des marchés financiers claims that Hershey Rosen made illegal distributions and acted illegally as a securities dealer on 11 occasions.

The AMF says its investigation found that six investors invested approximately $829,000 with Rosen, with the expectation of obtaining a maximum annual return of 24%.

The regulator’s allegations have not been proven.

The AMF says it seeking fines that are 10 times the minimum fine set out in securities legislation due to the seriousness of the offences, to serve as a deterrent, and to protect investors.