DD Support Board and Research Team

[samsamsamiam]

https://www.conseiller.ca/nouvelles/industrie/lamf-sanctionne-deux-conseillers/

Translation
The AMF sanctions two advisors

They would have manipulated the market...

By: The editorial staff May 10, 2022 05:57

The Financial Markets Administrative Tribunal (TMF) has issued orders prohibiting trading in securities and derivatives as well as freeze orders against Ramy Kamaneh, Mohamed Kada Mesli and persons related to them.

The two respondents no longer have the right to trade in securities in any form of investment covered by the Securities Act or a transaction in any derivative covered by the Derivatives Act.

The latter as well as the respondents SDIT inc., SDÉT inc., 7350341 Canada inc. and Auriga ERP Consulting inc. are prohibited from withdrawing or disposing of funds, securities or other property in their possession or funds, securities or other property in the possession of another person who has the deposit, custody or control of them.

Ramy Kamaneh and Mohamed Kada Mesli are accused of having participated in a market manipulation scheme that allegedly aimed to influence and/or attempt to influence the price or value of the securities of Majic Wheels, ICOA and All American Pet Company listed on the OTC Markets Group over a period of ten months and using practices that would be unfair, abusive or fraudulent.

Between March 2021 and January 2022, the two respondents reportedly made profits estimated at US$12 million (about CAD $15 million) thanks to their scheme.

Based on the evidence, the TMF concluded that it was necessary to intervene immediately before "irreparable harm was caused to the investing public and the integrity of the financial markets", according to the statement of the Autorité des marchés financiers (AMF). This decision is also due to the fact that the respondents did not stop their illegal activities and that they were squandering the profits made.

However, the investigation is still ongoing.