Quebec's AMF urges investors in Technologies Crypto Inc to contact regulator - FinanceFeeds

Quebec’s AMF urges investors in Technologies Crypto Inc to contact regulator

Maria Nikolova

The AMF advises people who invested money in this cryptocurrency mining firm to contact the regulator by the end of February, so that they can be offered assistance.

Quebec’s financial markets authority (AMF) is urging people who invested money in cryptocurrency mining firm Technologies Crypto Inc. to contact the regulator, so that assistance can be provided to them.

In a press release, the AMF advises all members of the public who are in any way involved with this entity and its two principals – David Fortin-Dominguez and Samory Proulx-Oloko, to contact Ms. Hélène Guilbault at 1 877 525-0337, extension 2427, no later than February 28, 2019.

Earlier this month, following a request from the AMF, the the Financial Markets Administrative Tribunal (TMF) issued a raft of freezing orders against Technologies Crypto Inc, David Fortin-Dominguez and Samory Proulx-Oloko in connection with violations of the Securities Act. Technologies Crypto, doing business as “Make it Mine” solicited at least $300,000 from investors advising them the money would be used for cryptocurrency mining. Some investors managed to get their money back but others were unable to contact the firm and get their investments back.

Under the orders, the respondents are prohibited, inter alia, from withdrawing funds from their bank accounts, as well as from disposing of any equipment related to cryptocurrency mining. The TMF also prohibited the respondents from engaging in any activity related to trading in securities.

“With this decision, the TMF ruled for the first time that an investment offer related to cryptocurrency mining may constitute an investment contract, ie a security whose public offering is regulated,” said Jean-François Fortin of the AMF. “We therefore invite investors who have done business with the respondents to contact the Authority promptly so that we can assist them.”

The TMF is known for its actions against cryptocurrency fraudsters. Perhaps one of the most prominent case is that against PlexCoin, also known as PlexCorps. In October last year, the TMF renewed the injunction orders against PlexCorps, PlexCoin, DL Innov inc., Gestio inc., Dominic Lacroix and Sabrina Paradis-Royer, which bar the defendants from activities in the securities market. In addition, the TMF issued orders for closing the websites www.plexcorps.com, www.plexcoin.com, www.plexcoin.tech and all other websites that offer information provided by the defendants. The Facebook pages of these entities are also covered by the Order.

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