Securities Decisions and Freeze and cease trade orders

Montréal – On September 7, 2004, Dominic Longpré, President of Forex Canada NTS Inc. (“Forex”), pleaded guilty at the Montréal Courthouse to forty-two (42) counts brought against him by the Autorité des marchés financiers (the “AMF”). Judge Gilles Michaud of the Court of Québec, Criminal and Penal Division, ordered him to pay a total of $90,000 in fines within two years.

Mr. Longpré pleaded guilty to the following counts:

  • assisting Forex in the distribution of shares without having a prospectus approved by the Commission des valeurs mobilières du Québec (the “Commission”), thereby violating section 11 of the Québec Securities Act (the “Act”). In connection with this offence, Mr. Longpré pleaded guilty to twelve (12) counts and was fined $60,000;
  • carrying on business as a securities dealer without being registered as such with the Commission, thereby violating section 148 of the Act. He pleaded guilty to six (6) counts in this regard and was fined $6,000;
  • failing to fulfill an undertaking with the Commission, thereby violating section 195 (2) of the Act. He pleaded guilty to three (3) counts and was fined $3,000;
  • assisting Forex in failing to fulfill an undertaking with the Commission, thereby violating section 195 (2) of the Act. He pleaded guilty to twenty (20) counts in this regard and was fined $20,000;
  • declaring, with respect to a transaction on Forex securities, that the company’s securities would be listed on an exchange, thereby violating section 199 (4) of the Act. He pleaded guilty to one count in this regard and was fined $1,000.

The AMF had launched the penal proceeding against Mr. Longpré on March 12, 2004. To read the press releases on this matter issued to date, please consult the AMF website under “Media Centre.”

Established on February 1, 2004, the Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l’assurance-dépôts du Québec, the Fonds d’indemnisation des services financiers and the Inspector General of Financial Institutions.

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