Quebec Tribunal Shuts Down Online Trading Scheme, Hands Down $1 Million in Penalties

Key Takeaways

• A Fraud Scheme Dressed Up as Online Trading: Quebec’s securities tribunal found that the respondents ran a coordinated fraud using websites and representatives designed to look like legitimate brokerage platforms.
• Investor Losses Drove the Outcome: The tribunal repeatedly pointed to the fact that most investors lost nearly all of their capital when weighing the severity of the sanctions.
• Regulatory Orders Were Ignored: The scheme continued even after earlier blocking and prohibition orders, a factor that significantly aggravated the penalties.
• $1 Million in Joint Penalties and Disgorgement: Multiple respondents were held jointly responsible for $1 million in administrative penalties, alongside orders to repay fraud proceeds for redistribution to investors.
• Markets and Management Roles Closed Off: The decision permanently cuts certain respondents off from securities and derivatives activity and bars key individuals from serving as directors or officers for five years.

Deep Dive

Quebec’s securities tribunal has imposed more than $733,972 (CAD $1,000,000) in penalties and sweeping market bans after concluding that a group tied to Ace Prime Group and Axes-Prime orchestrated a fraudulent online investment scheme that left most investors with little to show for their money.

In a recent decision, the Financial Markets Administrative Tribunal found that several individuals and entities committed fraud, sold illegal investments, and operated as unregistered advisors and brokers in breach of Quebec’s securities and derivatives laws.

Those named in the ruling are Christopher Mailloux, Syrile Elat Atouma, Ace Prime Group, Axes-Prime, Sky Gold Market, and Gestion du Patrimoine. The tribunal confirmed that the publication of the decision itself serves as formal notice for several of the respondents.

A Scheme Built to Look Legitimate

According to evidence presented by the Autorité des marchés financiers, the misconduct stemmed from a coordinated scheme devised by foreign actors, including Atouma, and carried out with the help of facilitators based in Quebec.

The operation relied heavily on online solicitation. Investors were approached through representatives and directed to websites that appeared to function as legitimate brokerage platforms. In reality, the respondents were not authorized to offer securities or derivatives, nor to act as advisors or brokers.

The tribunal noted that the scheme did not stop when regulators intervened. Despite blocking and prohibition orders issued in May 2022, the activity continued in essentially the same form. In the TMF’s view, that persistence underscored both the seriousness of the conduct and the need for strong enforcement measures.

In its decision, the tribunal said the respondents’ actions struck at the heart of market integrity and public trust, justifying sanctions aimed not only at punishment but also at protecting the public from further harm.

Investor Losses and Escalating Sanctions

When determining penalties, the tribunal placed particular weight on the impact to investors. It found that the vast majority lost nearly all of the money they invested and described the fraudulent operation as organized and deliberate.

Christopher Mailloux was ordered to repay $101,389 (CAD $138,121.30) to the AMF, representing funds he personally obtained through fraud. Once collected, the amount is to be redistributed to affected investors. He was also hit with $113,770 (CAD $155,000) in administrative penalties.

Administrative penalties totaling $733,972 (CAD $1,000,000) were imposed jointly and severally on Syrile Elat Atouma, Ace Prime Group, Axes-Prime, Sky Gold Market, and Gestion du Patrimoine.

The tribunal also moved to shut the door on any future market activity. Sky Gold Market, Gestion du Patrimoine, and Mailloux were permanently barred from engaging in securities or derivatives transactions or acting as advisors. Mailloux and Atouma were additionally prohibited from serving as directors or officers of issuers, brokers, advisors, or investment fund managers for five years.

As part of the decision, the TMF ordered Atouma and anyone operating the Sky Gold Market website to remove or disable the site entirely.

The ruling also ties back to an earlier development in the case. In September 2025, another respondent, Dominique Dufour, agreed to the allegations against him. At that time, the tribunal imposed $66,058 (CAD $90,000) in administrative penalties, ordered him to repay $61,028 (CAD $83,152.54) to the AMF, and banned him from acting as a director or officer for five years.

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