January 16, 2009 Securities

Montréal – The Autorité des marchés financiers (AMF) has launched penal proceedings against Antonio Rossi (Tony Rossi) in the Court of Québec (Criminal and Penal Division), district of Montréal, and is seeking fines totalling $470,000.

In its suit, the AMF filed 47 charges against Antonio Rossi for violating the Securities Act (the "Act") by:

• distributing a form of investment governed by the Act, namely, an investment contract, without holding a prospectus approved by the AMF, thereby violating section 11 of the Act.

The AMF is seeking fines that are double the minimum fines prescribed under the Act in light of the objective and subjective seriousness of the offence as well as for general deterrence purposes and investor protection. The AMF also took into account the monetary value of the investments and the important role that the accused played in the alleged offence.

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

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