December 7, 2007 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 a cease trade order on November 27, 2007 against Monique Beaudin Amyot, Léo Lafrenière and Immobiliar Gestion Financière (6607594 Canada inc.) and The-Force Finance (4086589 Canada inc.).

The AMF took action based on the following allegations:

• the respondents made a distribution of a form of investment subject to the Securities Act (the “Act”), namely, debt securities and/or investment contracts, without a receipt for a prospectus from the AMF;
• the respondents carried on business as securities advisers without being registered with the AMF.

In its decision, the BDRVM expressed concern about the following facts in particular:

• the allegation that most of the investors did not know in what type of financial product they were investing, other than in real estate;
• the following statement in the agency agreement: [Translation] “This is an undisclosed mandate the existence of which is known only to the parties. In the absence of a written document, the owner has no evidence of his ownership right to the funds under management.”;
• the actual extent of the security offered to investors;
• the recent cash inflows noted by the investigator;
• the allegation that a distribution without a prospectus was made in Québec and that the securities advisers were not registered.

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

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