Two Companies File for Bankruptcy

Two Quebec companies that raised millions of dollars from New Brunswick investors are now in bankruptcy. Groupe Financier CTIC, CIT-CAP Groupe Financier and their principal, Patrick Gauthier, were recently the subject of an order issued by the provincial Securities Commission. They raised more than 5.7 million dollars from provincial residents in Edmundston and Grand Falls-- and to a lesser extent-- in the Acadian Peninsula, Moncton, Saint John and Fredericton, between 2006 and 2008.

A Commission investigation in early 2009 revealed that neither company had complied with securities laws in selling its investments. Investors are urged to seek professional advice with respect to their rights under the bankruptcy.