Quebec Superior Court finds virtual currency business DL Innov, aka PlexCoin, guilty of contempt of court - FinanceFeeds

Quebec Superior Court finds virtual currency business DL Innov, aka PlexCoin, guilty of contempt of court

The order comes after Dominic Lacroix et DL Innov inc, representing PlexCorps and PlexCoin, continued to solicit Quebec investors in the face of prohibitions to do so.

Canada’s province of Quebec continues to prosecute Dominic Lacroix et DL Innov inc, representing PlexCorps and PlexCoin – businesses for virtual currencies.

Last week, the Quebec Superior Court acted in response to a complaint by Quebec’s financial markets authority (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.

In July this year, TMF banned PlexCorps, PlexCoin, DL Innov inc., Gestio inc. and Dominic Lacroix from all investment-related activities involving targeting Quebec residents from within or outside Quebec.

The entities in question were also ordered to withdraw all of their announcements and investment advertising materials from various Internet sites and elsewhere. Also, TMF ordered PlexCorps, PlexCoin, DL Innov inc., Gestio inc. and Dominic Lacroix to close the websites www.plexcorps.com and www.plexcoin.com, as well as all other websites of theirs of similar nature, or make them inaccessible for all Quebec IP addresses. Lastly, the Tribunal ordered Facebook Canada Ltd. to close the Facebook accounts of PlexCorps and PlexCoin.

Quebec’s financial regulator has also issued a warning to investors informing them of the high risks associated with any involvement with the above-mentioned businesses and individuals.

Judge Lesage has scheduled a hearing over the sanctions for November 14, 2017.

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