Montréal, May 11, 2011 - At the request of the Autorité des marchés financiers (the "AMF"), the Bureau de décision et de révision (the Bureau) issued an order on April 28, 2011 prohibiting Me Frédéric Allali and Allali Avocats inc. from pursuing activities, directly or indirectly, in respect of transactions in securities and/or the securities of Carol McKeown, Daniel F. Ryan, Downshire Capital Inc. or Meadow Vista Financial Corp., without the authorization of the Bureau.
This decision by the Bureau is further to a request by the AMF after attempts were made by the respondents to transfer funds despite a freeze order. Me Allali agreed to the AMF's request.
On June 25, 2010, following an exchange of information between the AMF and the Securities and Exchange Commission of the United States, the Bureau issued freeze and cease trade orders against Carol McKeown, Daniel F. Ryan, Downshire Capital Inc. and Meadow Vista Financial Corp. to end a potential case of market manipulation. The orders issued by the Bureau have since been expanded to include other accounts and have been renewed twice.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial industry.
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