Quebec court has imposed a fine of CAD 1.54 million (USD 1.12 million) on Alain André Desarzens, an operator of a high-yield investment program.
The legal decision comes after an investigation by the Quebec financial markets regulator AMF, which showed that Mr Desarzens was running numerous HYIP promotions online and via emails. He was promising investors heavy returns for the money they entrusted him.
Mr Desarzens was found guilty of offering investments without prospectus and for illegal operation of a securities firm. The two counts mean that his fine equals double the amount he solicited from investors – CAD 770 442. This gives a total of CAD 1.54 million.
The defendant has voiced his intention to contest the verdict.
You can view the official announcement from the Quebec regulator by clicking here.