Securities

Québec – The Autorité des marchés financiers (AMF) has launched further penal proceedings in the Court of Québec (Criminal and Penal Division) against Stevens Demers.

In the proceeding, the AMF filed 64 charges against Stevens Demers for violating the Securities Act, R.S.Q. c. V-1.1 (the "Act"), by aiding, by act or omission:

  • Enviromondial Inc.:
    • with the distribution of a form of investment governed by the Act without a prospectus approved by the AMF, thereby violating section 11 of the Act (27 charges). With respect to these 27 charges, the AMF is seeking a fine of $270,000, plus costs, and a prison term;
    • with carrying on business as a securities dealer without being registered with the AMF, thereby violating section 148 of the Act (27 charges). With respect to these 27 charges, the AMF is seeking a fine of $135,000 plus costs.
  • United Environmental Energy Corporation:
    • with the distribution of a form of investment governed by the Act without a prospectus approved by the AMF, thereby violating section 11 of the Act (5 charges). With respect to these 5 charges, the AMF is seeking a fine of $50,000, plus costs, and a prison term;
    • with carrying on business as a securities dealer without being registered with the AMF, thereby violating section 148 of the Act ( charges). With respect to these 5 charges, the AMF is seeking a fine of $25,000 plus costs.

The AMF is therefore seeking, in addition to the prison term, a total fine of $480,000 plus costs.

The AMF launched penal proceedings on March 5, 2007 and August 30, 2007 against Stevens Demers in which it filed, respectively, 162 and 184 charges against him and sought fines of nearly $1.4 million and more than $1.2 million, as well as prison terms. As part of these three proceedings, Stevens Demers faces 410 charges, for which he is liable to prison terms, and fines totalling more than $3 million.

Stevens Demers, Enviromondial Inc. and United Environmental Energy Corporation have been the subject of numerous decisions and orders from the courts.

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

— 30 —

Information:

Media only:
Frédéric Alberro (514) 940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337