May 6, 2010 Securities

Montréal – The Autorité des marchés financiers ("AMF") has launched a penal proceeding against Michel Julien in the Court of Québec, district of Montréal, and is seeking fines totalling $403,000 for 22 offences under the Securities Act.

The AMF is alleging that Michel Julien carried on activities as a securities dealer and adviser without being registered with the AMF. He is alleged to have solicited clients for the purpose of managing securities portfolios (four counts) and managed portfolios over a period of 188 days (three counts). In addition, he is alleged to have carried out solicitation in connection with investment contracts on behalf of Regis Investment Fund (6 counts). The AMF is seeking $238,000 in fines for the 13 offences of illegal practice.

Michel Julien also faces six counts for aiding with the distribution of investment contracts without a prospectus on behalf of Regis Investment Fund. For these charges, the AMF is seeking total fines in the amount of $150,000, which is five times the minimum fine stipulated under the Act. He also faces three counts for giving an undertaking relating to the future value of securities by guaranteeing the capital investment and/or the expected returns. For these three counts, the AMF is seeking fines totalling $15,000.

Six Québec investors who were familiar with Michel Julien at the time he gave seminars on the operations of FOREX are alleged to have lost US$372,000.

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

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