Securities

Montréal – The Autorité des marchés financiers (AMF) has launched further penal proceedings in the Court of Québec (Criminal and Penal Division) against Stevens Demers.

In its suit, the AMF filed 184 charges against Stevens Demers for violating the Securities Act, R.S.Q. c. V-1.1 1 (the “Act”) by:

  • assisting United Environmental Energy Corporation and Enviromondial International Vanuatu inc. with the distribution of the securities of United Environmental Energy Corporation without holding a prospectus approved by the AMF, thereby violating section 11 of the Act (92 charges). With respect to these 92 charges, the AMF is seeking a fine in the amount of $920,000, plus costs. If found guilty, Mr. Demers is liable to a prison term;
  • assisting United Environmental Energy Corporation and Enviromondial International Vanuatu inc. with the pursuit of activities as a securities dealer without being registered for such purpose with the AMF, thereby violating section 148 of the Act (92 charges). With respect to these 92 charges, the AMF is seeking a fine in the amount of $460,000, plus costs.

In addition to the prison term, the AMF is therefore seeking a total fine in the amount of $1,380,000, plus costs.

On March 5, 2007, the AMF filed 162 charges against Stevens Demers, for which fines totalling over $1 million and a prison term were being sought.

Stevens Demers and Enviromondial inc. have been the subject of numerous decisions and orders from the courts.

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

— 30 —

Information:

Media only:
Frédéric Alberro (514) 940-2176

Information Centre: (877) 525-0337

Additional news