A Quebec court has fined a resource firm, and its former president, over improper distributions made without a prospectus.
The Autorité des marchés financiers (AMF) reports that presiding Justice of the Peace, Marie-Claude Bélanger, of the Court of Québec, district of Rouyn-Noranda, imposed fines of $82,500 on Ressources Pershimco inc., and its former president, Roger Bureau, over charges from the AMF alleging that they carried out distributions in Quebec without a prospectus.
The AMF says that the firm pled guilty to seven counts of illegal distributions and was fined $52,500; and, Bureau pled guilty to one count of aiding the company with the distributions, and was fined $30,000.
An investigation by the AMF discovered that some of the investors listed in the company’s exempt distribution reports did not qualify under either the family & friends exemption, or the accredited investor exemption.