The Autorité des marchés financiers reports that a Quebec man was convicted and fined for operating as a securities dealer without registration.

The AMF reports that, in a decision issued on February 16, Judge Claude Leblond of the Court of Québec, Criminal and Penal Division (district of Montreal), found Claude Valade guilty on 10 counts brought against him by the AMF.

“Specifically, Mr. Valade was found guilty of acting as a securities dealer on five different occasions, without being registered as such with the AMF, by distributing to investors a form of investment governed by the Securities Act, namely, units in the Club d’investissement HT, Club d’investissement H 103 and Club d’investissement HT 105,” it says.

He was also found guilty of assisting the investment clubs with the distribution of a form of investment governed by the Securities Act without the receipt of a prospectus approved by the AMF.

Valade was ordered to pay a fine in the amount of $30,000, plus costs totalling $7,510, it notes.

http://www.lautorite.qc.ca/salle-de-presse/communiques-presse/2004/communique-5136/en/comm_17_fev2006_Valade_ang.pdf