Québec Regulator Charges 11 In Norshield Collapse

Apr 5 2010 | 12:24pm ET

A Canadian regulator has fined 11 men it says illegally sold products linked to hedge fund Norshield Asset Management, which collapsed five years ago.

Québec’s Autorité des Marchés Financiers last week filed civil charges against the “smaller people” involved in the Norshield scandal, which cost investors some C$159 million. Last month, regulators in Ontario ruled that three top Norshield executives “failed to deal fairly, honestly and in good faith with investors.”

Those charged in Québec played a much more modest role, but spokesman Sylvain Théberge told the Financial Post that it was “important for us to send a strong message that even [these lesser people] need to be condemned.”

The Autorité imposed fines totaling C$976,000 against the 11 men. The allegations could also lead to criminal charges, Théberge said.

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