The Autorité des marchés financiers reports that two individuals were convicted of numerous charges of violating securities rules brought against them by the AMF.

Judge Duperron-Roy of the Court of Québec (Criminal and Penal Division), district of Laval, convicted Victor Lacroix and Armando Ferruci of 26 and 48 counts, respectively, ordering them to pay fines of $156,000 and $288,000, double the minimum fines required under the Securities Act, plus costs.

Lacroix was facing 26 counts of violating the Act by: aiding Mount Real Acceptance Corp. in proceeding with a distribution without a prospectus (13 counts); and, acting as a dealer or adviser without being registered (13 counts).

Ferruci faced 24 counts of aiding an improper distribution, and 24 counts of acting as a dealer without registration.

On January 24, the AMF filed 619 charges against 24 individuals who, it alleges, were involved at various levels in the matter of Mount Real Corp. and its affiliates.