AMF intervenes to stop illegal solicitation by Marcel Paiement

Decisions and Freeze and cease trade orders Securities

Montréal - On May 26, 2015, at the request of the Autorité des marchés financiers (the "AMF"), the Bureau de décision et de révision ("Bureau") issued orders to stop Marcel Paiement and his companies from soliciting investors on the Internet in breach of the Securities Act.

More specifically, the Bureau ordered Marcel Paiement, 9319-9271 Québec inc. (La Financière Prêtbec), Prêtbec ltée (Paie/Max) and La Financière Prêtbec ltée (Prêtbanque, Prêt-Banque, Service de prêts hypothécaires Prêtbanque and Service de prêts hypothécaires Prêt-Banque) to cease any activity in respect of a transaction in securities. It also ordered the removal of all content relating to the solicitation of investors, particularly through the websites and as well as in on-line advertisements, since that is an activity which may only be carried on by securities dealers duly registered with the AMF.

In its decision, the Bureau noted several points of concern uncovered by the AMF during its investigation, including the fact that Marcel Paiement has solicited investors on-line since 2008 regarding the public distribution of securities evidencing a loan of money, a form of investment governed by the Securities Act, without being registered with the AMF, without a prospectus and without an exemption from the prospectus requirements.

The Bureau is also concerned that Mr. Paiement has continued to solicit investors despite being warned by AMF staff several times that what he is doing is illegal.

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

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