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Pardon my French, but unless it's even worse

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sunspotter   Tuesday, 03/27/12 12:09:55 PM
Re: None
Post # of 61 
Pardon my French, but unless it's even worse than I thought, which is possible, the latest update from the AMF suggests that the AMF investigation continues and that the the "blocage" on Amyot and Hilbroy remains in force for another 120 days.

The francophones among you can fill your boots here:

http://www.lautorite.qc.ca/files/pdf/bulletin/2012/vol9no12/vol9no12_2-2.pdf

For the rest of you, here's a rough translation of two of the most important excerpts:

"A hearing was held March 13, 2012, in the presence of counsel for the parties. Counsel for the AMF heard the testimony of one of its investigators. The witness mentioned that the reasons for the initial order of the Bureau still exist, the investigation of the Authority, which continues, corroborating these reasons.
Counsel for the respondents [Amyot] reported that customers agree to the extension of the blocking order of the AMF. ......

DECISION
Therefore, considering the testimony heard that the initial reasons [for investigating the parties] still exist, the fact that the investigation continues and the consent of the Respondents at the hearing on March 13, 2012, theBureau decision and overhaul, under section 250 of the Securities Act and
Article 93 of the Act on Financial Markets Authority:

ORDERS Tips Hilbroy inc. and Jean-Francois Amyot not to withdraw funds, securities or other assets they have on deposit with the Royal Bank of Canada,

not to dispose of the funds, securities or other property, it has on deposit or under its custody or control on behalf or on behalf of the respondents Tips Hilbroy inc. and Jean-François
Amyot, except for checks issued before November 19, 2011;


It should be noted that this order does not affect orders made by the decisions of 11 July and 21 November 20 115 20 116. This Order comes into force immediately and will remain for a period of 120 days, pursuant to section 250 of the Securities Act, unless it is amended or repealed before the end of this term."

Plus ça change, plus c'est la même chose.


"It is difficult to get a man to understand something, when his salary depends upon his not understanding it."

Upton Sinclair

"Nobody ever went broke underestimating the intelligence of the American public."

H. L. Mencken
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