Quebec’s financial markets administrative tribunal slams PlexCoin
The Financial Markets Administrative Tribunal of Quebec also instructed PlexCoin and the people behind it to close all websites associated with the scheme.
The actions by the Canadian authorities against cryptocurrency scheme PlexCoin, also known as PlexCorps, and the people behind it, continue. In a recent decision, the Financial Markets Administrative Tribunal (TMF) of Quebec rejected an attempt by DL Innov inc., Gestio inc., Dominic Lacroix and Sabrina Paradis-Royer – entities and individuals associated with PlexCoin, to revise earlier rulings against them.
By doing so, the TMF has concluded that there are loopholes in the Law on securities, with regard to cryptocurrencies. The Tribunal has found that PlexCoin may be qualified as a type of securities investment, nevertheless.
As a result, the TMF has 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.
In October last year, 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.
US authorities appear to be having similar issues with PlexCoin and the people behind it, as the Securities and Exchange Commission (SEC) last month filed a motion with the New York Eastern District Court, asking for sanctions against Lacroix and Sabrina Paradis-Royer. The US regulator argued that the defendants continue to ignore Court orders concerning discovery, accounting of assets and repatriation of assets.
