Quebec’s securities regulator has brought charges against six individuals, and is seeking fines of almost $2.8 million, in an alleged illegal distributions case.

The Autorité des marchés financiers said Monday that an investigation revealed that 61 investors, most of them from Quebec City, invested almost $2.5 million with the six individuals.

The AMF said that it has now filed 127 charges against one man for illegally acting as a securities dealer on 16 occasions and, on 88 occasions, aiding Centre de traitement d’information de crédit inc., CITCAP Groupe financier inc. and Gestion financière Appalaches inc. with illegal distributions.

The regulator is seeking fines totaling $2.2 million against that individual, and lesser penalties against five other defendants. These allegations have not been proven.

Since May 2009, the firms and four of the accused have been under cease trade orders issued by the Bureau de décision et de révision, the AMF reports.

IE