A former Quebec securities dealer has been sentenced to two years in jail less a day after 34 investors lost nearly $1.3 million between 1998 and 2009.
Judge Marco LaBrie also fined Richard Longpré $724,000. The March 18 court ruling was reported Friday by the Financial Markets Authority.
FMA CEO Louis Morisset said the criminal actions were “devastating for the victims, who can rarely recover the money they had invested in confidence.”
Richard Longpré pleaded guilty to all 133 counts brought by the FMA, which accused him of acting illegally as a securities dealer and for providing false or misleading information to investors by stating the proposed transaction was safe and posed no risk.
