Oversight? What’s That?
Flamingo Capital Inc. and Flamingo Management Inc. have had their financial wings clipped here by the province’s securities regulator after 10 Quebec investors lost an estimated $330,00 U.S. to the Barbados-based firms. The Autorité des marchés financiers has filed a total of 123 charges under the Quebec Securities Act against both companies and seven individuals involved with them. It will seek more than $1.7 million in fines if the parties are convicted.
…Flamingo has no operations in Canada. Flamingo Capital and Flamingo Management have been charged with 16 and two counts respectively of selling investments without a proper prospectus and could be fined as much as $450,000 if found guilty.
… read the full article in the Montreal Gazette (link here)