April 1^st, 2009 Securities

Montréal – The Autorité des marchés financiers (AMF) has instituted three penal proceedings against Serge Fréchette, Jacqueline Soucy and Nicolas Viau in the Court of Québec (Criminal and Penal Division), districts of Montréal and Longueuil, and is seeking total fines of $120,000.

In its suit launched in the district of Montréal against Serge Fréchette, the AMF has filed 16 charges and is seeking fines totalling $96,000 for:

• acting as a dealer without being registered as such with the AMF, thereby violating sections 148 and 202 of the Securities Act (the "Act") (8 counts); and
• aiding, by act or omission, Coopérative Québécoise de formation des travailleurs autonomes (Coop Plus) in making a distribution of a form of investment governed by the Act, without a prospectus approved by the AMF, thereby violating sections 11 and 202 of the Act, with reference to sections 204 and 208 of the Act (8 counts).

In a second suit, launched in the district of Longueuil against Jacqueline Soucy, the AMF has filed 2 charges and is seeking fines totalling $12,000 for:

• acting as a dealer without being registered as such with the AMF; and
• aiding, by act or omission, Coopérative de service de travailleurs autonomes (Coop Harmonie Plus), in making a distribution of a form of investment governed by the Act, without a prospectus approved by the AMF.

In a final suit, launched in the district of Longueuil against Nicolas Viau, the AMF has filed 2 charges and is seeking fines totalling $12,000 for:

• acting as a dealer without being registered as such with the AMF; and
• aiding, by act or omission, Coopérative de service de travailleurs autonomes (Coop Harmonie Plus), in making a distribution of a form of investment governed by the Act, without a prospectus approved by the AMF.

The fines being sought under these proceedings are double the minimum fines prescribed by the Act. In determining the amount of the fines, the AMF considered the objective and subjective seriousness of the offences as well as the need for general deterrence and investor protection.

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

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