Securities

Montréal - On September 17, 2014, the Bureau de décision et de révision (the "Bureau") acknowledged the joint recommendation made by the Autorité des marchés financiers ("AMF") and the respondents Simon Vodovos and the firm Vilaron, in particular that they be ordered to pay an administrative penalty of $13,000.

In May 2013, the AMF requested that the Bureau issue orders against Vilaron and Vodovos to cease acting as securities advisers and investment fund managers and carrying out securities transactions. The AMF also requested that certain websites be shut down and that Vilaron and Vodovos be ordered to pay certain penalties for acting as securities advisers or dealers and investment fund managers without being registered with the AMF, in addition to being ordered to pay penalties for providing misinformation in connection with a prospectus and to an AMF investigator.

In light of the voluntary dissolution of Vilaron by Simon Vodovos, the latter acknowledged before the Bureau, personally and as the sole shareholder and director of Vilaron, all the facts at issue and the violations with which he was charged. He agreed to cease all activities as a securities adviser and investment fund manager, to shut down his websites and to pay, jointly and generally with Vilaron, an administrative penalty in the amount of $13,000.

The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.

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