It was stripped by Quebec Cryptocurrency Corporation

The Quebec cryptocurrency founder allegedly stripped dozens of investors of nearly $6 million, which was used, among other things, to cover his personal expenses.

Timechain founder Louis Clero, as well as his partner Jeremy Picard and his employee Matthew Kocher, were on Monday subjected to a series of orders from the Administrative Tribunal for Financial Markets.

According to Autorité des marchés financiers (AMF), the trio could “use a portion of the investors’ money to pay for Timechain’s operating costs and Louis Cléroux’s personal expenses, rather than investing it in a fund Cryptocurrency trading Operated by Timechain, a representative of the investors. »

down payment for an apartment

When our FBI got on the phone yesterday, Luis Clareau didn’t beat the bush to explain to us where the money went: “I took the $200,000 I used as a down payment to buy me an apartment,” he says, with the claim that that amount comes from the company’s profits.

This $1.4 million apartment in the Tour des Canadiens, Montreal, belongs to Louis Cléroux, founder of cryptocurrency firm Timechain.  The property is subject to an AMF prohibition order.

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This $1.4 million apartment in the Tour des Canadiens, Montreal, belongs to Louis Cléroux, founder of cryptocurrency firm Timechain. The property is subject to an AMF prohibition order.

He also notes that the investors’ money was “used to hire employees and develop different products for his company.”

He claims that six of the twelve investors have been compensated, but at the moment he has no money to pay the other six.

As for the Arab Monetary Fund, the investigation is not yet complete and we are still trying to determine what we did with the money, says the organization’s director of media relations; Several shortcomings were noted, he said.

wrong information

The financial firm Autorité des marchés claims, among other things, that Timechain, Louis Cléroux, Jérémie Picard and Mathieu Cocher “would have engaged in the activity of stockbrokers without being as such registered with the AMF,” which is illegal.

They are also accused of investing without complying with regulations and of providing false information to the investigators of Autorité des marchés financiers as part of their investigations.

“There is a big difference between the numbers we gave to the AMF and those we have,” admits Luis Clero, but “I will investigate internally to understand what happened.”

emergency response

The case is so troubling that the Arab Monetary Fund obtained several orders and prohibitions from the Administrative Court of Financial Markets on May 30, in relation to the company, its directors and shareholders as well as against some of the persons associated with them.

The court recognized the urgency and the need for immediate intervention in the interest of the public, who, moreover, issued an order blocking the $1.4 million apartment for Louis Clero and his wife, which they acquired on 1Verse September 2021.

The court also prohibited the Group from undertaking any activity as a broker or advisor in securities as well as from carrying out any promotion, online solicitation or any other means in connection with: Cryptocurrency trading Managed by Timechain.

Mobile Application

Founded in 2018 by Louis Clero, Timechain develops a “mobile application that allows users to transfer money between different countries […] more safely […] Luis Clero said during a speech earlier this year, in March.

The company claims to be making profits by trading cryptocurrencies at the best market price worldwide.

The company also claims that it allows its customers to transact crypto-to-cryptocurrency at lower costs.

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