Crown asks for maximum sentence for Mount Real securities fraud

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Net Patrol International Inc.  Data Investigation and Forensic Services
Bankruptcy and Insolvency Trustees

The autorité des marchés financiers of Quebec is demanding the maximum sentence available against a businessman found guilty of running the Mount Real Ponzi scheme. 

The AMF, Quebec’s securities watchdog, is asking for Lino Matteo to spend five years in prison and pay $4.8 million in fines after defrauding investors of at least $108 million.

Matteo was found guilty of 270 counts of securities fraud earlier this month.

The 55-year-old was charged with violating the securities act, through which a five-year prison sentence is the maximum.

Matteo was the founder and president of Mount Real, a company which scammed 1,600 investors through a confusingly complicated financial structure.

The company collapsed in 2006 when it declared bankruptcy. The $108 million is gone and Matteo says he doesn’t know what happened to it.

Read more at CTV News Montreal

This article is summarized by Canadian Fraud News Inc.