Decisions and Freeze and cease trade orders

Montréal - On May 28, 2015, the Bureau de décision et de révision (the "Bureau") allowed the ex parte freeze and cease trade applications against David Tran, Jacques Paquin and Logiciels HFT Quants inc. ("HFT"). David Tran, Jacques Paquin and HFT allegedly engaged in activities covered under the Securities Act (the "Act") without being registered with the Autorité des marchés financiers ("AMF").

The Bureau allowed the freeze applications, which pertain to the funds, securities and other assets of David Tran, Jacques Paquin and HFT and their bank accounts, in particular those held at the Caisse Desjardins in Lévis.

The Bureau also prohibited David Tran, Jacques Paquin and HFT from engaging in any activity, directly or indirectly, in respect of a transaction in securities. Lastly, the Bureau ordered the removal of any publication or solicitation similar to those posted on the Kijiji website or that they issued or distributed via the Internet or otherwise.

The AMF investigation revealed that David Tran, Jacques Paquin and HFT had solicited the public, primarily through the Internet, to invest in HFT, in violation of the Act. They also misappropriated investors' funds obtained further to their illegal solicitation.

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

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