United American Corp. (UAMA)

[65actual]

UAMA CEO committed CRIMES, says Press!

Just because the convictions weren't criminal in Quebec at the time does not mean that a US Court will not take the position that these were criminal violations in the US at the time they were committed and Mr. Laliberte now runs a US-listed, public company.

Worth noting that if, at the time, Laliberte had been tried in another Canadian Province he would have gone to JAIL.

See the last paragraph in the article below:

The Supreme Court deaf to the cause of Benoît Laliberté
By: The Canadian Press on: 2011-04-21

The highest authority in the country refused to hear the appeal of the former president of Jitec. He will have to take out his check book and sign an amount of $ 800,000 for which he was sentenced for insider trading.

Benoît Laliberté did not want to appeal his conviction, but argued that he only had to pay $ 20,000 according to his interpretation of the section of the Securities Act that provides for fines.

The country's highest court today said it was not going to look into his case.

Pas de quoi se réjouir pour Benoît Laliberté qui posait ici avec son avocat Pearl Reevin
Benoît Laliberté who was here with his lawyer Pearl Reevin
He was convicted in 2008 of about 40 counts for violating the Securities Act in 2000 and 2001, when he was President and Chief Executive Officer of Jitec, a publicly traded computer company. from Montreal.

During this period, Mr. Laliberté had acquired thousands of Jitec shares through several thirds, while the appropriate insider reports had not been made. Then the hasty announcement of a partnership with a telephone company had pushed up the value of the title.

The Autorité des Marchés Financiers criticized him for insider trading and the dissemination of misleading information "likely to affect the share price".

He had avoided prison because his crimes were committed before the law was amended in December 2002, which opened the door to the imposition of a prison sentence.