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Financial Markets: Two Persons Charged with Fraud

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Montréal, April 24, 2014 – Raphaël Huppé, 36, of Laval, and Manon Chiasson, 38, of Mirabel, allegedly carried out a scam that defrauded hundreds of investors. The investigation revealed that investors injected more than $4 million in Effective Control Transport Inc. (ECT), previously known as Media City Corp, a company listed on the stock market under EFFC, previously MCCY. This financial market fraud was uncovered by the Integrated Market Enforcement Team (IMET).

The pair is scheduled to appear in court in Montréal this morning to face charges of fraud, affecting public market and false prospectus. Manon Chiasson faces three counts of indictment, while Raphaël Huppé faces 15 counts.

False information and misappropriation of funds

The co-accused allegedly provided false information concerning the activities of their company by issuing press releases containing misleading information such as erroneous financial results and unrealized sales. This illegal act is believed to have influenced public market and persuaded investors to purchase shares in the company.  

The suspects are also believed to have transferred a large portion of the investors’ funds into other companies belonging to them or for their personal benefit.

Protect yourself against fraud

IMET is a special squad composed of the Royal Canadian Mounted Police, Sûreté du Québec, Autorité des marchés financiers and Public Prosecution Service of Canada. The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) also contributed to the investigation. It is committed to preventing capital markets fraud offences that could threaten investor confidence or economic stability in Canada.

If you have information on illicit activity by individuals or groups involved in fraudulent activity, contact the RCMP at 1 800 771-5401 or your local police.


For information:

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