April 16, 2008 Securities

Montréal – The Autorité des marchés financiers (AMF) has launched a penal proceeding in the Court of Québec (Criminal and Penal Division), district of Montréal, against Salvatore Maggio.

As part of the proceeding, the AMF filed 10 charges against Salvatore Maggio for violating the Securities Act, R.S.Q. c. V-1.1 (the "Act"):

• by aiding, by act or omission, Vision Management Ltd. and Eurovision Management Services Ltd. in distributing a form of investment governed by the Act, namely, promissory notes, without a prospectus approved by the regulatory authority, thereby violating section 11 of the Act (5 counts);
• by acting as a securities adviser without being registered with the regulatory authority, thereby violating section 148 of the Act (5 counts).

For exemplary reasons, the AMF is seeking a total fine of $60,000 plus costs, which is double the minimum fine prescribed by law.

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

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