Enviromondial - Stevens Demers found guilty of 64 new charges

Decisions and Freeze and cease trade orders Securities

Montréal – On 15 January, 2010, Judge Jean Sirois of the Court of Québec (Criminal and Penal Division), district of Terrebonne, handed down a guilty verdict against Stevens Demers, former president of Enviromondial.

Stevens Demers was found guilty of 64 charges brought against him by the Autorité des marchés financiers (the “AMF”) in February 2008: 32 charges for having aided Enviromondial inc. and United Environmental Energy Corporation with illegal distributions without a prospectus and 32 charges for aiding the companies with illegally pursuing activities as a securities dealer.

The date for sentencing hearings has not yet been set. The AMF will be seeking a prison term and fines totalling $480,000.

In August 2009, Stevens Demers, previously found guilty of 346 violations of the Securities Act in the Enviromondial matter, was sentenced to 2 1/2 years in prison and fined $1,097,500. This sentence is currently on appeal in the Superior Court of Québec.

The AMF believes economic crimes are serious and harmful and that perpetrators should be penalized with maximum deterrence.

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

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