Securities Decisions and Freeze and cease trade orders
Montréal – In a decision handed down on October 12, 2007, the Québec Court of Appeal upheld the decision by the Bureau de décision et de révision en valeurs mobilières (BDRVM) on February 28, 2006 prohibiting Stevens Demers from acting as a director or officer of an issuer for a period of five years.
The decision upheld by the Court of Appeal also prohibited Stevens Demers from voting for a person with whom he has a relationship, within the meaning of section 5 of the Securities Act, in connection with the election of directors of Enviromondial Inc., for a period of five years.
Lastly, this decision ordered Stevens Demers to respect the commitment made by Enviromondial Inc. to convene a meeting of security holders for the purpose of setting up a process intended to modify the company’s share capital, elect directors and issue voting shares to all investors.
In a decision handed down on September 20, 2007, the BDRVM prohibited Stevens Demers, who was already the subject of numerous court decisions and orders, from carrying out any transaction in securities. The decision also prohibits any transaction in the securities of United Environmental Energy Corporation, the entity Mr. Stevens used to attempt to circumvent the provisions of the Securities Act.
On March 5, 2007, the Autorité des marchés financiers (AMF) filed 162 charges against Stevens Demers, for which fines totalling over $1 million and a prison term were sought. In addition, on August 30, 2007, the AMF filed 184 other charges against him, for which a fine of almost $1.4 million and a prison term were sought.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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Frédéric Alberro (514) 940-2176
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