ICC Capital Management Inc. and John Dracontaidis: AMF Launches Penal Proceedings and Seeks Just Over $1.2 Million in Fines
(firmenpresse) - MONTREAL, QUEBEC -- (Marketwire) -- 07/25/11 -- The Autorite des marches financiers (the "AMF") has launched penal proceedings against John Dracontaidis, Dimitrios Kavathas and Andreas Bougadis in connection with illegal distributions. The AMF is seeking fines totalling $1,277,000.
More specifically, the AMF has filed 29 counts against John Dracontaidis, president, director and majority shareholder of 9095-0049 Quebec Inc., also known as ICC Capital Management Inc. The AMF accuses him of acting illegally as a securities dealer (12 counts), personally making illegal distributions (2 counts) and aiding Axia Consultant Inc., 9095-0049 Quebec Inc. and IND Capital Management Inc. with making illegal distributions (15 counts). The AMF is seeking fines totalling $1,010,000 against him.
The AMF has also filed 18 counts against Dimitrios Kavathas for acting illegally as a securities dealer (10 counts) and for aiding IND Capital Management Inc. and 9095-0049 Quebec Inc with making illegal distributions (8 counts). The AMF is seeking fines totalling $228,000 against him.
Finally, the AMF filed 4 counts against Andreas Bougadis for acting illegally as a securities dealer (2 counts) and for aiding 9095-0049 Quebec Inc. with making illegal distributions (2 counts). The AMF is seeking fines totalling $39,000 against him.
On July 29, 2009, at the request of the AMF, the Bureau de decision et de revision (the "Bureau") issued freeze orders on several funds, securities and assets held by John Dracontaidis. The Bureau also prohibited 9095-0049 Quebec Inc., ICC Capital Management Inc., Axia Consultant Inc., Axia Business Center Inc., IND Capital Management, John Dracontaidis, Dimitrios Kavathas, Filippo Argento and Stephane Charbonneau from carrying on any activities in respect of transactions in securities and any activities as a securities adviser.
On August 19, 2009, Nicolas Boily from the firm Raymond Chabot Grant Thornton was appointed receiver in the matter of ICC, Axia, IND and Dracontaidis. The report he filed on October 5, 2009 concludes that the companies held by Dracontaidis were managed in an unacceptable manner and that the liabilities, which were primarily loans from investors, significantly exceeded the assets.
The Autorite des marches financiers (the "AMF") is the regulatory and oversight body for Quebec's financial industry.
Contacts:
Media only:
Sylvain Theberge
514-940-2176
Information Centre:
Quebec City: 418-525-0337
Montreal: 514-395-0337
Other areas: 1-877-525-0337
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 25.07.2011 - 15:09 Uhr
Sprache: Deutsch
News-ID 37408
Anzahl Zeichen: 0
contact information:
Town:
MONTREAL, QUEBEC
Kategorie:
Associations
Diese Pressemitteilung wurde bisher 588 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ICC Capital Management Inc. and John Dracontaidis: AMF Launches Penal Proceedings and Seeks Just Over $1.2 Million in Fines"
steht unter der journalistisch-redaktionellen Verantwortung von
Autorite des marches financiers (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
