Aiding with illegal distributions and illegal practice as dealer - Luc Tessier finded $336,000

Decisions and Freeze and cease trade orders Securities

Montréal - On April, 1, 2011, Judge Monique Perron, Justice of the Peace of the Court of Québec (Criminal and Penal Division), district of Bedford, imposed fines totalling $336,000 on Luc Tessier, who had previously been found guilty on 24 counts brought against him by the Autorité des marchés financiers (the "AMF").

On February 18, 2011, Luc Tessier was found guilty of acting illegally as a securities dealer on two occasions and of aiding, by act or omission, Groupe Financier Inter Continental S.A. (GFIC) and Méga Prêt 2000 inc. with illegal distributions on 22 occasions.

Judge Perron imposed fines three times the minimum fines set by the Securities Act on Luc Tessier. Among the many aggravating factors identified by the Judge were losses totalling $842,000, the fact that Tessier was the mastermind of the companies, the existence of a scheme and a well-organized network involving recruiters and secret payments, meetings with investors intended to "dazzle" them, the breach of trust and impact on victims.

In this case, the investors, many of whom were elderly, were attracted by the fantastic returns offered and usually handed cash to intermediaries associated with GFIC or Méga Prêt 2000 inc., or, on two occasions, to Luc Tessier himself. In the days following the transaction, investors were given a contract signed by Luc Tessier accompanied by a loan certificate. Afterwards, they received the monthly interest on their investment in person and in cash. Eventually, after they stopped receiving interest payments, and when they were no longer able to recover the capital invested, the investors were called to a tumultuous meeting at which they were told they would have to make a further investment because the company was experiencing financial difficulties.

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

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