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Respondents found to have engaged in unregistered trading and illegal distribution of securities.
Staff of the Ontario Securities Commission alleged that the Respondents engaged in unregistered trading, illegal distribution of securities, failure to disclose commissions, and made prohibited representations using high-pressure sales tactics.
The Commission found that the Respondents acted as market intermediaries and traded in securities of Andromeda without registration, and distributed securities to non-accredited investors without a prospectus or exemption.
The Commission also found that Allen failed to disclose his 60% commission to investors.
The allegations regarding prohibited representations and high-pressure sales tactics were dismissed due to insufficient evidence.
A hearing on sanctions was ordered.
Permanent cease trade order and director bans imposed following respondent's criminal conviction for operating a Ponzi scheme.
The Ontario Securities Commission held a hearing to determine whether it was in the public interest to impose sanctions against Pierre Alfred Montpellier and his companies under section 127 of the Securities Act.
Montpellier had previously pleaded guilty to criminal fraud and theft for operating a Ponzi scheme that defrauded 128 investors of over $5.3 million.
The Commission found that Montpellier's egregious conduct demonstrated he could not be trusted to participate in the capital markets.
The Commission ordered that Montpellier's registration be terminated, that he and his companies permanently cease trading in securities (with no RRSP carve-out), and that he be permanently prohibited from acting as a director or officer of any issuer.
