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 ex parte order on May 15, 2009 prohibiting Serge Letendre, Système Clic-Québec and Dubec from carrying on any activity, directly or indirectly, in respect of a transaction in securities involving any form of investment governed by the Securities Act ("Act"), in particular the distribution of shares and/or investment contracts for and on behalf of Système Clic-Québec and/or Dubec or any other company.

The BDRVM also issued an order prohibiting Serge Letendre from pursuing activities as a securities adviser or representative. In addition, to further ensure that Serge Letendre complies with the Act, the BDRVM ordered him to immediately discontinue advertising on the website

In its analysis, the BDRVM noted that the orders are preventative rather than remedial given that Serge Letendre's actions were apparently fairly recent. The respondent allegedly solicited investors over the Internet. Soliciting investors to purchase securities by acting as an intermediary constitutes a distribution activity governed by the Act.

The BDRVM considers the evidence to be sufficient to justify the issuance of such orders, in particular:

  • The distribution was made without filing a prospectus with the AMF;
  • The respondent, Serge Letendre, is not registered with the AMF as a dealer or adviser;
  • The respondent intended to solicit investments from investors;
  • The overly optimistic wording of the respondent's ad in which he attempted, in particular, to attract "(translation) shareholders looking to quickly turn thousands of dollars into millions!"

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

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