Administrative penalty of $7,500 against Globevest Capital Inc

19.11.08 - 21:46 ... source : Autorité des marchés financiers - AMF

... Translation FOR IMMEDIATE RELEASE ADMINISTRATIVE PENALTY OF $7,500 AGAINST GLOBEVEST CAPITAL INC. Montréal, November 5, 2008 - At the request of the Autorité des marchés financiers (AMF ), the Bureau de décision et de révision en valeurs mobilières (BDRVM ) imposed an administrative penalty in the amount of $7,500 against Globevest Capital Inc for failure to comply with certain obligations under the Securities Act (the "Act" ). On July 15, 2008, the AMF filed a request with t he BDRVM to impose an administrative penalty on Globevest Capital Inc. In the course of an analysis of the financial statements of the unrestricted securities adviser, as at September 30, 2007, the AMF noted that Globevest Capital had extended five loans to individuals although such activity was not part of the information furnished by the firm at the time of registration. Globevest Capital thus violated section 159 of the Act and section 228 of the Securities Regulation whereby it was required to notify the AMF o ...» Next (PDF)