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Regulator's ad browsing on Kijiji pays off with enforcements against illegal solicitationhttps://blog.blg.com/theexchange/Lists/Blog Posts/DispForm.aspx?ID=153Regulator's ad browsing on Kijiji pays off with enforcements against illegal solicitation153BLG Blog PostAlexander L. De Zordoadezordo@blg.com | Alexander L. De Zordo | 693A30232E777C626C6763616E6164615C6164657A6F72646F i:0#.w|blgcanada\adezordo ​Québec's Autorité des marchés financiers (the "AMF") was successful in two recent decisions before the Tribunal administratif des marchés financiers (the "TMF") against individuals soliciting private investment and Forex trading investors via ads on Kijiji. Apparently, one can browse for used furniture and find leads for important investigations and enforcement proceedings in the classified ads!<div class="ExternalClassE522CE0D1CC64625A52EC00A3ABD840B"><p>​Québec's <span style="line-height:1.6;">Autorité des marchés financiers (the "AMF") </span><span style="line-height:1.6;">was successful in two</span><span style="line-height:1.6;"> recent decisions before the Tribunal administratif des marchés financiers (the "TMF") against individuals solicit</span><span style="line-height:1.6;">ing private investment and Forex trading investors via ads on Kijiji.  </span><span style="line-height:1.6;">Apparently, one can browse for used furniture and find leads for important investigations and enforcement proceedings in the classified ads!</span></p></div> ​The AMF was successful in two recent decisions before the TMF against individuals soliciting private investment and Forex trading investors via ads on Kijiji. In both AMF vs Salonon and AMF vs Mvondo, two decisions issued on August 31, 2016, the TMF relies on the findings of the OSC in Re First Federal Capital (Canada) Corp. «[55] Sophisticated investors are not approached with investment opportunities through the Internet. Relatively unsophisticated retail investors are the target of solicitations through the Internet. The reach of the Internet is far and wide. We have no reason to believe that First Federal intended only to attract the interest of accredited investors with respect to whom there may exist exemptions from the registration and prospectus requirements of Ontario securities law. Indeed, an examination of the material that was contained on the web site refers to unsophisticated people and retail investors that are unaware of how the bank market operates.» Apparently, one can browse for used furniture and find leads for important investigations and enforcement proceedings in the classified ads!<div class="ExternalClass1ACACDD9ED474CD9A2657E545B919DC5"><p><span style="line-height:20.8px;">​The AMF was successful in two </span><span style="line-height:20.8px;">recent decisions before the TMF against individuals soliciting private investment and Forex trading investors via ads on Kijiji.</span></p><p> In both <a href="http://citoyens.soquij.qc.ca/php/decision.php?ID=B50144691879FA22D3FC967B4088A5A8#_ftn45" target="_blank"><em>AMF vs Salonon</em></a> and <a href="http://citoyens.soquij.qc.ca/php/decision.php?ID=12CA47CD4E7F6CF1693AA0F62016C578" target="_blank"><em>AMF vs Mvondo</em></a>, two decisions issued on August 31, 2016, the TMF relies on the findings of the OSC in <em><em></em><a href="http://www.osc.gov.on.ca/static/_/CBBA/CBBA_First-Federal-Capital-Canada-Corp-2004-27OSCB1603.pdf">Re First Federal Capital (Canada) Corp.</a>:</em></p><blockquote style="margin:0px 0px 0px 40px;border:none;padding:0px;"><p>«[55] Sophisticated investors are not approached with investment opportunities through the Internet. Relatively unsophisticated retail investors are the target of solicitations through the Internet. The reach of the Internet is far and wide. We have no reason to believe that First Federal intended only to attract the interest of accredited investors with respect to whom there may exist exemptions from the registration and prospectus requirements of Ontario securities law. Indeed, an examination of the material that was contained on the web site refers to unsophisticated people and retail investors that are unaware of how the bank market operates.»</p></blockquote><p>Apparently, one can browse for used furniture and find leads for important investigations and enforcement proceedings in the classified ads!</p></div>9/9/2016 1:56:00 PMGP0|#75eda1bb-5890-4b6b-aad7-b703245ec2e8;L0|#075eda1bb-5890-4b6b-aad7-b703245ec2e8|Securities: Litigation Regulatory and Compliance;GTSet|#efd3ce69-ee46-4bca-b6af-3daf96f6b0ebSecurities: Litigation Regulatory and ComplianceGP0|#75eda1bb-5890-4b6b-aad7-b703245ec2e8;L0|#075eda1bb-5890-4b6b-aad7-b703245ec2e8|Securities: Litigation Regulatory and Compliance;GTSet|#efd3ce69-ee46-4bca-b6af-3daf96f6b0eb