Decisions and Freeze and cease trade orders Securities
Montréal – In a decision handed down on September 20, 2007, the Bureau de décision et de révision en valeurs mobilières (BDRVM) confirmed the cease trade orders issued on May 16 and June 29, 2006.
The Autorité des marchés financiers (AMF) filed applications for cease trade orders further to the forwarding of shares in United Environmental Energy Corporation by Stevens Demers to shareholders of Enviromondial inc.
In its decision, the BDRVM stated in particular:
“(translation) Overall, the facts and actions clearly demonstrate collusion among the Respondents to sidestep the law and make an illegal distribution in Québec. (…) If Stevens Demers wished to express his gratitude toward persons who invested in Enviromondial and his patent, why did he sell the patent, which was the company’s primary asset, without approval from the board of directors and without consulting shareholders. By selling the patent, Stevens Demers divested investors of an asset, since their shares no longer had any value. You cannot claim to give an asset to someone whom you previously expropriated.”
In its decision, the BDRVM prohibited Stevens Demers from carrying out any transaction in securities. The decision also prohibits any transaction in the securities of United Environmental Energy Corporation.
On March 5, 2007, the AMF filed 162 charges against Stevens Demers, for which a fine of over $1 million and a prison term are being sought. As well, 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 are being sought. Not to mention that Stevens Demers and Enviromondial inc. have been the subject of a number of court decisions and orders.
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
Information Centre: (877) 525-0337