October 21, 2009 Decisions and Freeze and cease trade orders Securities

Montréal – At the request of the Autorité des marchés financiers ("AMF"), the Bureau de décision et de révision en valeurs mobilières (BDRVM) issued an order on October 9 prohibiting Jean Bissonnette and Les Services financiers Jean Bissonnette inc. from pursuing activities as a securities adviser and from carrying on any activity, directly or indirectly or by Internet, in respect of transactions in securities.

The BDRVM also issued a freeze order on the funds, securities or other assets held on deposit in the accounts of Jean Bissonnette and Les Services financiers Jean Bissonnette inc.

In its decision, the BDRVM stated that it was particularly concerned about the following allegations and facts as presented by the AMF:

• Mr. Bissonnette used his network of clients in the mutual fund, personal and group insurance sectors to solicit them to invest in the business opportunity he proposed to them;
• He made representations to the effect that the investments were guaranteed, risk-free and safe;
• To raise funds, Mr. Bissonnette described the project to investors in an obscure manner, without supporting documentation, claiming that he would lose the business opportunity if he disclosed too much information;
• An order has been issued by the Chambre de la sécurité financière (CSF) to temporarily suspend Mr. Bissonnette following a disciplinary complaint based on allegations that he appropriated funds of clients for personal purposes.

In its request, the AMF highlighted the importance of protecting investors and the public interest. The AMF also stressed that it was imperative that the BDRVM issue its decision given the recent solicitations made by Mr. Bissonnette to clients to raise funds to "finalize his project" and because the AMF feared that the funds held in the accounts could be transferred or wasted.

The AMF reminds investors that they should always check with the AMF Information Centre to determine whether the firms and individuals offering to act as intermediaries have the necessary approvals from the AMF. Various AMF leaflets and brochures are also available to help consumers make better investment choices. Contact the AMF Information Centre or consult the AMF website under Publications/Brochures and leaflets for consumers.

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

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