Quebec Courtroom finds PlexCoin creator Dominic Lacroix responsible

Dominic Lacroix, creator of the digital foreign money PlexCoin, and Yan Ouellet, director of data expertise for the mission when the alleged details occurred, have been discovered responsible by Québec Courtroom Choose Steve Magnan.

Dominic Lacroix and Yan Ouellet have been charged with, respectively, making a distribution with out a prospectus and aiding within the making of a distribution with out a prospectus. Mr. Lacroix was additionally charged with one depend of constructing misrepresentations in respect of transactions in securities in reference to the PlexCoin mission.

Sabrina Paradis-Royer, Dominic Lacroix’s partner, was discovered not responsible of the 2 counts towards her of constructing a distribution with out a prospectus.

The Autorité des marchés financiers (AMF) launched its investigation into PlexCoin in Could 2017.

Its findings led it to behave rapidly to acquire freeze orders in respect of the quantities held in Québec with a view to shield traders and restrict their losses. The AMF additionally instituted plenty of courtroom proceedings to forestall monetary practices thought of unlawful, abusive or fraudulent and issued numerous information releases and warnings advising traders to train warning.

Furthermore, the AMF collaborated with the U.S. Securities and Alternate Fee (SEC), which additionally performed an investigation into the actions of Dominic Lacroix and PlexCoin in the US.

Submissions on the sentencing of Dominic Lacroix and Yan Ouellet can be heard in 2024.