Cease trade order and administrative penalty against Jean Desbiens

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 October 4, 2007 against Jean Desbiens as a securities dealer and prohibited him from acting as a director or officer of an issuer or securities adviser for a period of five years. However, he will still have the right to act as a director or officer of a private issuer of which he and his family hold all the shares.

Moreover, the BDRVM imposed an administrative fine on Mr. Desbiens in the amount of $10,000.

The AMF accused Mr. Desbiens of a series of offences in connection with the administration of the Fonds de Placements Excellence, including with respect to the registration of securities, the redemption of units prior to dissolution, the sale of certain assets, the distribution of debentures as well as misrepresentations.

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

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