Quebec Court issues $45,000 fine over Forex fraud
Pascal Renaud got the fine after pleading guilty to 10 counts, including offering securities without a license and illegal exercising of broker activity.
Quebec’s financial markets authority AMF has announced that a fine of $45,000 was imposed on Pascal Renaud over illegal Forex activities. The fine was issued by a Quebec Court, with Honorable Judge Annie Vanasse approving the offer agreed by the parties.
The decision follows the launch of a criminal case by the AMF against Pascal Renaud and Michel Livernoche in 2016. Pascal Renaud has pled guilty to 10 counts of accusation, including offering securities without a permission and operating as a broker without a license. Neither Pascal Renaud, nor Michel Livernoche have ever been registered with the AMF.
The investigation carried out by the AMF has shown that Pascal Renaud solicited investments worth at least $105,000 by promising hefty returns of as much as 10% a month. The money was supposed to be invested in the Forex market.
In the meantime, the AMF continues to pursue a case against virtual currency fraudster Dominic Lacroix, head of PlexCoin. In November, the AMF demanded a prison sentence of 6 months and a monetary penalty of $10,000 to be imposed on Mr Lacroix, the architect of the fraudulent scheme. The regulator also demanded a monetary penalty of $100,000 for DL Innov, the business run by Mr Lacroix.
In October this year, the Quebec Superior Court acted in response to a complaint by the AMF and ruled that Dominic Lacroix and DL Innov inc were guilty of contempt of court.
In his decision, Honorable Judge Marc Lesage underlined that the complaint submitted by the regulator proved that the defendants continue to solicit and offer to Quebec residents to invest in PlexCoin, a virtual currency. The solicitation happens in violation of previous orders issued by the Financial Markets Administrative Tribunal (TMF) of Quebec.
In June this year, the Tribunal found that Dominic Lacroix, DL Innov inc., Micro-Prêts inc. and Gap Transit inc were violating securities laws. The Tribunal ordered blocking the bank accounts of the entities and individuals in question and freezing their assets. TMF also banned Dominic Lacroix, Régis Roberge, DL Innov inc. and Micro-Prêts inc. from exercising all securities-related activities and financial advice.