PlexCoin - Recent developments regarding PlexCoin

MONTRÉAL, Oct. 3, 2019 /CNW Telbec/ - Yesterday, the Securities and Exchange Commission ("SEC") issued a release following a judgment by the U.S. District Court for the Eastern District of New York against Dominic Lacroix and Sabrina Paradis-Royer in the matter of PlexCoin.

By this judgment, Dominic Lacroix and Sabrina Paradis-Royer, without admission, relinquished their rights to the entirety of the amounts that were raised from PlexCoin investors and frozen by the Autorité des marchés financiers ("AMF") and the SEC.

Dominic Lacroix and Sabrina Paradis-Royer had previously agreed before the Financial Markets Administrative Tribunal ("Tribunal"), on July 24, 2019, to the reimbursement of substantially all the amounts frozen by the Tribunal and stemming from the PlexCoin project, without any admission regarding their involvement or the legality of the PlexCoin project.

Further to these recent developments, the AMF intends to collaborate actively with the SEC and Raymond Chabot Administrateur Provisoire inc., the firm appointed as the receiver for PlexCoin, to ensure that the amounts covered by the freeze orders issued by the Tribunal, the funds seized and under the control of the receiver and the funds frozen by the New York court order can be redistributed to PlexCoin investors.

In July 2017, the AMF began its investigation into PlexCoin and also sought the SEC's collaboration in this matter. The investigation, which led to several freeze orders, cease trade orders, contempt of court proceedings and the appointment of a receiver, is ongoing.

The Autorité des marchés financiers is the regulatory and oversight body for Québec's financial sector.

Information:

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SOURCE Autorité des marchés financiers