Quebec Court issues prison sentence to head of virtual coin scam PlexCoin
Dominic Lacroix, at the helm of virtual currency scam PlexCoin, got a 2-month imprisonment sentence.
The prosecution against Dominic Lacroix, the head of virtual currency scam PlexCoin, has resulted in a prison sentence. The Honorable Judge Marc Lesage of the Superior Court of Quebec today issued a two-month prison sentence and a fine of $110,000 to Mr Lacroix and DL Innov, doing business as PlexCorps and PlexCoin.
The decision is made after in October this year, the Superior Court of Quebec found Dominic Lacroix and DL Innov inc guilty of contempt of court.
In his decision, Honorable Judge Marc Lesage underlined that the complaint submitted by the Quebec’s financial markets authority AMF 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.
The prison sentence is in line with demands of the AMF.
In the meantime, the US regulators have also taken action against PlexCoin and the entities associated with it. Last week, the US Securities and Exchange Commission (SEC) launched a lawsuit against scammers PlexCorps aka PlexCoin and Sidepay.ca, Dominic Lacroix and Sabrina Paradis-Royer.
In its complaint, filed with the New York Eastern District Court, the US regulator says that it has to take an emergency action to stop Lacroix, a recidivist securities law violator In Canada, and his partner Paradis-Royer from further misappropriation of investor funds illegally raised through the fraudulent and unregistered offer and sale of securities called “PlexCoin” or “PlexCoin Tokens” in a purported “Initial Coin Offering”.
From August 2017 through the present, the defendants have obtained investor funds, purportedly $15 million from thousands of investors, including those throughout the United States and in the Eastern New York District, through materially false and misleading statements.
Lacroix and Paradis-Royer allegedly misappropriated investor funds and engaged in other deceptive acts relating to investments in the PlexCoin Token, despite having both been enjoined by a Quebec tribunal from engaging in the activities that are the subject of the SEC action.