Aiding with illegal distributions and illegal practice as dealer - Luc Tessier guilty

Decisions and Freeze and cease trade orders Securities

Montréal - On February 18, 2011, Judge Monique Perron, Justice of the Peace of the Court of Québec (Criminal and Penal Division), district of Bedford, found Luc Tessier guilty on 24 counts brought against him by the Autorité des marchés financiers (the AMF).

More specifically, Luc Tessier was found guilty of acting as a securities dealer without being registered as such 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.

In this case, the investors, who were almost all over 50 years of age and attracted by the fantastic returns offered, usually gave 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 these amounts of money, 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.

Hearings on the sentence to be imposed on Luc Tessier will be held on April 1, 2011.

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

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