Montreal man fined $11.2M, to serve jail time for market manipulation scheme

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Quebec’s securities regulator has fined a Montreal man $11.2 million and sentenced him to a three-month jail term for fraudulent market manipulation scheme it refers to as a “pump and dump” scheme.

Jean-François Amyot is one of five people and two companies that pleaded guilty to charges laid against them almost three years ago during a trial earlier this year.

They were accused of market manipulation involving five companies whose value L’Autorité des marchés financiers (AMF) says was falsely portrayed, tricking people into buying their stocks.

Read more at CBC News Montreal

This article is summarized by Canadian Fraud News Inc.