Quebec’s Autorite des marches financiers has filed charges against PlexCoin ICO planners. They raised $15 million by soliciting investors from Canada and the US. According to the Canadian provincial regulator, Yan Ouellet, Sabrina ParadisRoyer, and Dominic Lacroix illegally made a profit from customers who invested in unregulated investment pools.
The AMF has charged defendants with seven offences. It seeks sanctions against those involved in the alleged cryptocurrency scam.
Lacroix’s associate company PlexCorps was previously ordered by the court to seize Lacroix’s assets. This was in response to his scheme to organize an ICO that promised lucrative investment returns.
Many financial regulators continue to pursue the case against cryptocurrency fraud. Lacroix’s partner Sabrina Paradiss-Royer was also charged by the US SEC with making false statements to pool participants that misrepresented the ICO’s profitability, claiming it would generate a 1,354 per cent profit in less than a week.
In addition, the court ordered defendants to forfeit their rights to $4million worth of investor funds that had been seized by a receiver appointed in Quebec and $800,000. These funds were frozen by U.S courts. While the US regulators are already considering distributing some money in order to harm investors, they will coordinate with the Autorite des marches financials.
PlexCoin is a worldwide decentralized cryptocurrency that claims to have a revolutionary operating structure to make transactions quicker, simpler and safer than any other cryptocurrency.
Lacroix was also the subject of an order from the Autorite des marches financers in 2018 He and his partners were prohibited from disposing any funds, securities or other property related to their activities in relation to the sale PlexCoin tokens.
Lacroix has had a few brushes with North American regulators in the PlexCoin case. In 2013, Lacroix and Micro-Prets pleaded guilty to six fraud charges. A Canadian court also fined them $25,000
“Specifically, Dominic Lacroix is being charged by the AMF with making distributions in violation of a prospectus and misrepresenting transactions in securities. This is in connection to the PlexCoin project. Yan Ouellet and Sabrina ParadisRoyer are being charged by the AMF with making distributions in relation to securities transactions in connection with PlexCoin.
