This is from Google translate
MONTREAL, May 2, 2022 /CNW/ - On April 18, 2022, following a request from the Financial Markets Authority (the “Authority”) presented ex parte, the Financial Markets Administrative Tribunal (the “TMF ") issued a decision in which it issued orders prohibiting transactions in securities and derivatives as well as blocking orders with regard to Ramy Kamaneh, Mohamed Kada Mesli and persons linked to them.
More specifically, the TMF prohibited Ramy Kamaneh and Mohamed Kada Mesli from carrying out any activity with a view to carrying out, directly or indirectly, a securities transaction on any form of investment covered by the Securities Law (the “LVM”) or a transaction on any derivative covered by the Derivatives Act.
The TMF also ordered Ramy Kamaneh, Mohamed Kada Mesli and the defendants SDIT inc., SDÉT inc., 7350341 Canada inc. and Auriga ERP Consulting inc. not, directly or indirectly, withdraw or dispose of funds, securities or other property that they have in their possession or funds, securities or other property in the possession of another person who has custody, custody or control for them.
Context
During the year 2021, over a period of approximately ten months, Ramy Kamaneh and Mohamed Kada Mesli would have participated in a market manipulation scheme which would have aimed to influence and/or attempt to influence the price or value of securities of Majic Wheels, ICOA and All American Pet Company listed on the American OTC Markets Group over-the-counter market using practices that would be unfair, abusive or fraudulent.
Between the months of March 2021 and January 2022, the scheme would have allowed Ramy Kamaneh and Mohamed Kada Mesli to realize total profits estimated at 12 million US dollars, or the equivalent of approximately 15 million Canadian dollars.
The TMF concluded that there was convincing proof that Ramy Kamaneh and Mohamed Kada Mesli had thus committed apparent breaches of articles 195.2 and 199.1 of the LVM as well as apparent acts contrary to the public interest which are likely to cause harm irreparable harm to the integrity of financial markets and the investing public as well as affecting investor confidence in these markets
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