Aggregated News From Investment Management Regulators

Beware of solicitations related to the Lovaganza and JF&G projects


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The Autorité des marchés financiers (AMF) cautions Québec consumers about ongoing solicitations by Karine Lamarre and other persons connected with the Lovaganza and JF&G projects. The JF&G project is associated with Jean-François Gagnon1 and Geneviève Cloutier2, who are also involved in the Lovaganza project.

The AMF wants to remind the public that the Financial Markets Administrative Tribunal (Tribunal) issued orders rendues par le Tribunal administratif des marchés financiers (le « TMF ») en mai 2014. in May 2014 against several persons connected with the Lovaganza project. These orders are still in effect and prohibit Karine Lamarre, Marc-Éric Fortin (also known as Mark-Érik Fortin and doing business under the corporate name One-Land), Mathieu Carignan and Louise Larente, among others, from acting as advisers, and engaging in any activity in respect of any form of investment covered by the Securities Act.

The AMF also reminds the public that Karine Lamarre, Marc-Éric Fortin, Mathieu Carignan and Louise Larente entered guilty pleas on April 9, 2018 after the AMF brought charges against them in December 2015. The defendants pleaded guilty to 92 of 93 counts of distributing securities without a prospectus, illegally practising as securities dealers, failing to comply with a decision by the Tribunal, and hindering an AMF representative in the exercise of his functions.

On that same day, Mathieu Carignan and Louise Larente were ordered to pay fines of $34,000 and $11,000, respectively. Karine Lamarre and Marc-Éric Fortin are still awaiting sentencing in connection with their guilty pleas. The AMF intends to seek a sentence of imprisonment.

Under penal proceedings launched by the AMF in October 2017, Jean-François Gagnon and Geneviève Cloutier are charged with having distributed securities without a prospectus between January 1, 2010 and March 27, 2015 in connection with the financing of the Lovaganza project. The court proceedings against them are still ongoing.

Aucune des personnes visées par ces procédures n’est inscrite auprès de l’Autorité et aucun prospectus lié au financement des projets Lovaganza et JF&G ou de tout autre projet en lien avec ceux-ci n’a été soumis au visa de l’Autorité.

Have you been solicited to invest in the JF&G or Lovaganza projects?

If you have invested or been solicited to invest money through the individuals or firms in question, please contact our Information Centre immediately. We can answer your questions, and the information you provide could help us better protect consumers.

Offering investments—whether over the Internet, on social media, by telephone or in person—is a regulated activity. Any individual or firm promoting an investment product must be registered with the AMF or benefit from a registration exemption. To make sure you don’t fall victim to the type of approach described earlier, check whether the individual or firm you were in contact with is on the Register of firms and individuals authorized to practise.

Visit the AMF website to learn about other steps to avoid fraud.

The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.

Not to be confused with:

  • Jean-François Gagnon who holds certificate No. 150306 and is registered as a dealing representative (mutual fund dealer) with La Capitale Financial Services Inc.
  • Jean-François Gagnon who holds certificate No. 172022 in insurance of persons with Services financiers Jean-François Gagnon Inc. and is registered as a dealing representative (mutual fund dealer) with Sun Life Financial Investment Services (Canada) Inc.

Not to be confused with:

  • Geneviève Cloutier who holds certificate No. 160356 in claims adjustment with SCM Insurance Services GP Inc.
  • Geneviève Cloutier who holds certificate No. 184599 in commercial-lines damage insurance (agent) with the Federated Insurance Company of Canada

Additional news

  • 3 June 2014 Warning about investment solicitations related to Lovaganza project
  • 22 December 2015 Lovaganza project – AMF files 247 charges

This news item was originally published by the Financial Markets Authority (AMF CA). For more information, please see the Source Link.

Regulator Information

Regulator Name: Financial Markets Authority
Abbreviation: AMF
Jurisdiction: Canada

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