Montréal, March 2, 2011 - At the request of the Autorité des marchés financiers (the "AMF"), the Bureau de décision et de révision (the "Bureau") issued cease trade orders on February 25, 2011 related to the activities of Voyageur Foundation, Philip Jarman, Yves Godin,1 Gérard Reid and Claude Tremblay.2

The publication of this press release constitutes the method of service authorized by the Bureau with respect to the matter of Voyageur Foundation and its CEO and Founder, Philip Jarman.

Consult the decision 2011-009-001 (pdf - 8 MB)This link will open in a new window(in French only).

More specifically, the Bureau ordered Voyageur Foundation, Philip Jarman, Yves Godin, Gérard Reid and Claude Tremblay to cease any activity in respect of a transaction in any form of investment governed by the Securities Act, including any activity as a securities dealer or adviser. The Bureau also ordered them to shut down the websites www.voyageur.co.cr This link will open in a new window and www.voyageurfoundation.co.cr This link will open in a new window.

In its request, the AMF sought immediate intervention by the Bureau due to the difficulties encountered by investors wishing to recover their funds and the fear that the offshore nature of the activities will make it impossible for investors to recover their investments. The Bureau stated that an ex parte decision, namely, a decision rendered in the absence of the respondents, is necessary to protect investors.

Disquieting allegations and facts
The Bureau indicated that it was particularly concerned about the following facts and allegations:

  • Voyageur Foundation, Philip Jarman, Yves Godin, Gérard Reid and Claude Tremblay were pursuing activities as dealers or advisers without being registered as such with the AMF;
  • The firms in which Voyageur Foundation members were investing (Bright Fire Valley Corp. S.A., Red House Developments Inc., Eiger Capital Corp. and Frontera Resources Inc.) are not registered with the AMF;
  • Voyageur Foundation was promoting annual returns averaging 20%;
  • According to the Voyageur Foundation website, members are no longer able to recover their principal or the interest owing since January 2010;
  • According to the Voyageur Foundation website, the failure by Merendon Mining Corp. Ltd. to reimburse funds (Eiger Capital Corp., one of the issuers in which Voyageur Foundation members were investing, is the majority shareholder of Merendon) was a direct consequence of the legal proceedings and accusations made by the Securities and Exchange Commission, the Alberta Securities Commission and the RCMP with respect to Merendon and/or Gary Sorenson;
  • The documents given to investors showed the poor quality and lack of detailed disclosures;
  • Recently, investors were solicited and funds raised. Voyageur Foundation is seeking $1,540,000 in new investments to acquire mining concessions.

If you have done business with Voyageur Foundation or been approached by this firm for investment purposes, the AMF urges you to contact the AMF Information Centre.

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

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Information:

Media only:
Sylvain Théberge: 514-940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337

www.lautorite.qc.ca This link will open in a new window


1 Respondent Yves Godin should not be confused with insurance of persons representative Yves Godin of Sherbrooke, who holds certificate No. 185 551 and who is not affected by this decision.

2 Respondent Claude Tremblay should not be confused with any of the following individuals, who are not affected by this decision: claims adjuster Claude Tremblay (Coaticook), certificate No. 132 837, financial planner and mutual fund representative Ms. Claude Tremblay (Trois-Rivières), certificates No. 132 840 and 1674001 (NRD), financial planner Claude Tremblay (Granby), certificate No. 144 868, mutual fund representative Claude Tremblay (Jonquière), certificate No. 1642471 (NRD), insurance of persons representative Claude Tremblay (Alma), certificate No. 178 352, and damage insurance agent Claude Tremblay (Lévis), certificate No. 132 842.