The prison for pretending to be a broker

PHOTO FACEBOOK
Jean-François Demers
Imprisoned

Claudia Berthiaume

Monday, 16 October, 2017 22:41

UPDATE
Monday, 16 October, 2017 22:41

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A father and his son have been sentenced to prison Monday for taking more than $ 110,000 to investors who thought they were investing in works of art.

François Demers has been sentenced to 30 months in prison and a fine of 112 895 $, while his son Jean-François will spend the next year behind bars in addition to having to pay 185 365 $.

However, only Jean-François Demers was presented at the palais de justice in Saint-Jérôme Monday, to receive his award.

His father is gone to live in the dominican Republic five years ago and has not been presented before the canadian court in this folder.

After the financial markets Authority (AMF), which brought the prosecution in a criminal Court in 2015, it is François Demers, who was the mastermind of the scheme.

“We will evaluate all the means at our disposal to see what can be done about the fact that François Demers is currently in the dominican Republic,” said the Newspaper, Sylvain Théberge, a spokesman for the AMF.

“Mr. Picard “

François and Jean-François Demers have been duped 16 people, for a total of 112 895 $. The modus operandi was always the same.

The investors were contacted by a certain ” Mr. Picard “, who invited them to invest in paintings of artists-painters, doing business with the gallery to the Rules of Art, belonging to François Demers.

Those who accepted have received the visit of Jean-François Demers. It was with works of art and investment deals, and then went home with cheques. We did, and promise investors a yield of 10% to 20%.

All investors have received a refund, with interest, within 30 days of their first check. By contrast, those who have had a second and a third investment have never seen the colour of their money.

Not new

Jean-François Demers was found guilty of 12 charges of having exercised the activity of a dealer without a license, and one count of having made investments without a prospectus, under the securities Act.

He had, however, signed in 2005, a commitment in which he promised not to make any investments. In 2012, he also had to pay 344 000 $ in fines for another case of brokerage illegal.

— With the collaboration of Christian Plouffe