May 5, 2009 Decisions and Freeze and cease trade orders Securities

Montréal – In decisions handed down on April 8 and 15, 2009, the Court of Québec issued two guilty verdicts against Pino Buscemi and Angela Bonfitto in the matter of Eurovision Financial Services Ltd./Bear Bay Financial Services Inc. Seven penal proceedings were launched in this matter by the Autorité des marchés financiers (AMF) in March 2008.

On April 8, 2009, Judge Louis A. Legault of the Court of Québec (Criminal and Penal Division), district of Montréal, ordered Pino Buscemi to pay a fine totalling $16,000. He pleaded guilty to four counts brought against him by the AMF:

• pursuing activities as a securities dealer and adviser without being registered as such with the AMF, thereby violating sections 148 and 202 of the Securities Act (the "Act") (2 counts);
• aiding, by act or omission, Bear Bay Financial Services Inc. with the distribution of a form of investment governed by the Act without holding a prospectus approved by the AMF, thereby violating sections 11 and 202, with reference to sections 204 and 208 of the Act (2 counts).

On April 15, 2009, Judge Gilles Garneau of the Court of Québec (Criminal and Penal Division), district of Montréal, ordered Angela Bonfitto to pay a fine totalling $9,000. She pleaded guilty to two counts:

• pursuing activities as a securities dealer and adviser without being registered as such with the AMF;
• aiding, by act or omission, Vision Management Financial Services Ltd. with the distribution of a form of investment governed by the Act without holding a prospectus approved by the AMF.

Four other respondents related to the matter of Eurovision Financial Services Ltd./Bear Bay Financial Services Inc. will be on trial in June 2009. They are Edward Greeley, Armando Ferruci, Michael Taylor and Victor Lacroix. The trial date for Salvatore Maggio has yet to be set.

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

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