Quebec’s Autorité des marchés financiers reports that a man was convicted late last year of refusing to testify before the AMF.

The AMF reports that in a ruling dated Dec. 22, 2005, the Honourable Justice Jean Sirois of the Court of Québec, Criminal and Penal Division (judicial district of Montréal), found Gérald Gaudreault guilty as charged by the AMF.

He faced one charge of refusing to testify in an AMF investigation. As a result, he was fined a total of $1,260, it reports.

Under the Securities Act, AMF investigators have the power to compel an individual to testify and provide certain documents. Criminal proceedings may be brought against any subpoenaed individual who refuses to cooperate with an inquiry.