September 8, 2008 Securities

Montréal – The Autorité des marchés financiers (AMF) has launched penal proceedings in the Court of Québec (Criminal and Penal Division), district of Montréal, against 9 individuals: Yvon Charbonneau, André Cloutier, Guy Desjardins, Daniel Lavoie, Lise Milot,
Jean-Yves Mulet, Jean-Pierre Nadeau, Christine Richème and Claude Valade.

In its suit against Yvon Charbonneau, the AMF filed 4 charges and is seeking fines totalling $47,000 for:

• acting as a dealer without being registered as such with the regulatory authority, thereby violating section 148 of the Securities Act, R.S.Q. c. V-1.1 (the "Act") (2 counts);
• aiding Capital P.V.M. inc. (PVM), by act or omission, with the distribution of a form of investment governed by the Act, without a prospectus approved by the regulatory authority, thereby violating sections 11 and 208 of the Act (2 counts).

In its suit against André Cloutier, the AMF filed 5 charges and is seeking fines totalling $20,000 for:

• acting as a dealer without being registered as such with the regulatory authority.

The AMF also filed 3 charges against Guy Desjardins and is seeking fines totalling $12,000 for:

• acting as a dealer without being registered as such with the regulatory authority.

With respect to Daniel Lavoie, the AMF filed 3 charges and is seeking fines totalling $18,000 for:

• acting as a dealer without being registered as such with the regulatory authority (2 counts);
• aiding PVM, by act or omission, with the distribution of a form of investment governed by the Act, without a prospectus approved by the regulatory authority (1 count).

The AMF filed 2 charges against Lise Milot and is seeking fines totalling $12,000 for:

• acting as a dealer without being registered as such with the regulatory authority (1 count);
• aiding PVM, by act or omission, with the distribution of a form of investment governed by the Act without a prospectus approved by the regulatory authority (1 count).

The AMF filed 1 charge against Jean-Yves Mulet and is seeking a fine of $4,000 for:

• acting as a dealer without being registered as such with the regulatory authority.

The AMF filed 3 charges against Jean-Pierre Nadeau and is seeking fines totalling $18,000 for:

• acting as a dealer without being registered as such with the regulatory authority (2 counts);
• aiding PVM, by act or omission, with the distribution of a form of investment governed by the Act without a prospectus approved by the regulatory authority (1 count).

The AMF filed 2 charges against Christine Richème and is seeking fines totalling $8,000 for:

• acting as a dealer and adviser without being registered as such with the regulatory authority.

Lastly, the AMF filed 3 charges against Claude Valade and is seeking fines totalling $12,000 for:

• acting as a dealer without being registered as such with the regulatory authority.

These suits are subsequent to an investigation into PVM that uncovered two illegal schemes. The first consisted of an RRSP strategy whereby the accused sold investments, primarily shares, to RRSP holders. They allegedly told investors that they would earn the promised return by allowing PVM to manage their funds. The second scheme involved the sale of deposit certificates issued by PVM.

In view of the harm done to investors and for exemplary and deterrence purposes, the AMF is seeking fines in this matter representing up to four times the minimum fines provided under the Act.

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

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