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Fines of$ 1.5 M and jail for market manipulation

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July 10, 2018 09:45

Photo : Freepik

Serge Ollu scoop of 90 days ‘ imprisonment, fines totaling $ 1.5 million ($M) after the judge Thierry Nadon of the Court of Québec has endorsed the suggestion agreed by the parties. Thefinancial markets Authority had filed a criminal prosecution against him and four other individuals for offences of market manipulation.

Mr. Ollu participated between 2007 and 2011 to a scheme of fraud pump and dump, which was based in particular on emissions in fraudulent shares of three companies, according to the survey of the Authority. The regulator notes that the shares held in accounts controlled in particular by Mr. Ollu have been sold for a profit of approximately$1.1 Million.

In 2013, Serge Ollu has also received fines totaling $ 303 000 $ following a guilty plea for offences related to the illegal distribution of securities of a company.

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