Ducharme fined $30,000 for selling securities without being registered

The Autorité des marchés financiers reports that a Quebec judge has found three men guilty of various securities offences.

The AMF reports that Judge Michel Beauchemin, of the Court of Québec (Criminal and Penal Division) in the district of Drummondville, has found Michel Ducharme, Éric Pesenti and Paul Billette guilty of violating the Québec Securities Act.

On August 18, 2004, the AMF launched penal proceedings against Ducharme, who was accused of acting as a securities dealer without being registered. Billette and Pesenti were accused of assisting Club de placement Gestimum inc. in the distribution of its shares without a prospectus.

As a result of the verdict, Ducharme has been ordered to pay a total fine of $30,000 for carrying on business as a broker without being registered. Pesenti was ordered to pay a fine of $60,000 and Billette was ordered to pay $10,000 for helping in the distribution of the shares without a prospectus.