Stevens Demers author of a financial crime of $10 million

The sentence for Stevens Demers, a Quebec’s financial criminal involved in the lost of $10 million in reason of his poor business management, is too low. Here’s the story.

Stevens Demers, 67 years old of Saint-Sauveur (Quebec) is the former president of Enviromondial. Stevens Demers was a well-known business man. Until he decides to turn out into a criminal and conduct his business without respecting basic investment rules in his business startup.

Stevens Demers didn’t act alone. His daughter, Nathaly Demers had been charged of 85 charges. No sentence had been given to Nathaly Demers yet.

The Enviromondial case also involved Raymond Bréard, Claude Charbonneau, Patricia Ann Chandler and Ronald Demers. On September 20, 2007, an interdiction to operate in the investment sector had been delivered by the the Financial Markets Authority known in French under the name of Autorité des marchés financiers. (Source: Bureau de décision et de révision en valeurs mobilières).

Among his criminal activities, Stevens Demers had distributed shares of Enviromondial Inc. without having provided a prospectus to the Financial Markets Authority. Stevens Demers had listed Enviromondial on an exchange when he shouldn’t have. In result, investors had lost their money in a project that wasn’t real and wasn’t ongoing. Enviromondial wasn’t a real business startup.

Back on March 5, 2007, the Financial Markets Authority had launched penal proceedings against the criminal Stevens Demers.

On August 5, 2009, Stevens Demers had been found guilty of 346 charges of Quebec Securities Act violations. The verdict had been in Quebec Court in St. Jérôme by the Judge Paul Chevalier. Stevens Demers had been ordered to pay a fine of $1,097,500. Strangely, Stevens Demers, after ruined the life of 4 000 investors had only been sentenced to 30 months of prison. Seem like the crime haven’t been serious and harmful enough by the Judge Paul Chevalier.

According to the newspaper La Presse, Stevens Demers could possibly only spend 5 months in prison, after spending the 1/6 of his sentence. And it will probably be the case. Want to know why?

In another financial scandal that took place back in 2005, known as the Norbourg scandal, Vincent Lacroix had been found responsible for the lost of $115 million. A number of 9 200 investors had lost money in this case. On December 11, 2007, Vincent Lacroix had been sentenced to 12 years in prison. On July 21, 2009, after spending less than 3 years in prison, Vincent Lacroix had been released from prison. He actually had spent only 18 months in jail. Vincent Lacroix had been transferred to a half-way house. His lawyer Clemente Monteroso declared that Vincent Lacroix, since he left prison, his allowed to go out to do community work.

In Stevens Demers case, the Financial Markets Authority haven’t been satisfied with the sentence will file an appeal. The Financial Markets Authority wanted for Stevens Demers a prison sentence of 5 years and a fine of $2.5 million plus costs. Judge Paul Chevalier should: admit his mistake or change career.

Welcome in Quebec, welcome in hell.

Lately, Quebec had faced another financial scandal involving Bertrance Earl Jones.