Illegal practice and distributions- AMF LAUNCHES SUIT AGAINST HOOSHANG IMANPOORSAID AND SEEKS $376,000 IN FINES

MONTREAL, Dec. 22, 2010 /CNW Telbec/ - The Autorité des marchés financiers (AMF) has launched penal proceedings against Hooshang Imanpoorsaid and is seeking fines totalling $376,000.

The AMF alleges that Hooshang Imanpoorsaid illegally pursued activities as a securities dealer on 19 occasions and made 13 illegal distributions, mainly debt securities bearing an interest rate of as high as 18%. The AMF further alleges that, on two occasions, he made misrepresentations by informing certain investors that their investments were guaranteed.

According to the information obtained by the AMF, the funds collected were to be used to finance cash-strapped companies that were shipping goods outside of the country, in particular to Iran. The cheques for the investments were made out to Hooshang Imanpoorsaid personally.

The AMF is seeking fines that are four times the minimum fine set out in the Act for exemplary reasons. As aggravating factors, the AMF referred to breach of trust and the harm caused to the victims.

The AMF investigation revealed that six investors invested approximately $636,000 with Hooshang Imanpoorsaid. None of these investors have recovered their invested capital.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.

Information:

Media only: 
Sylvain Théberge: 514-940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
www.lautorite.qc.ca

Information:

Media only: 
Sylvain Théberge: 514-940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
www.lautorite.qc.ca