June 4, 2010 Decisions and Freeze and cease trade orders Securities

Montréal – On June 1, 2010, Court of Québec judge Salvatore Mascia imposed a fine of $40,500 on Guy Prescott, one of the representatives in the Mount Real matter sued by the Autorité des marchés financiers (AMF) for violating the Securities Act.

Guy Prescott pleaded guilty to the 11 charges filed against him, namely, 7 charges for illegal practice as a securities dealer and adviser, 3 charges for aiding Mount Real Acceptance Corporation with illegal distributions, and one charge for making misrepresentations.

On January 24, 2007, the AMF filed 619 charges against 24 individuals acting as representatives with Mount Real Corporation and its affiliates. To date, nine individuals (Victor Lacroix, Armando Ferruci, Christophe Balayer, Luigi Muro, Anthony Cappellano (currently under appeal), Éric Couture, Laraine Little, Yves Tardif and Guy Prescott) have been found guilty, for a total of 277 charges and $1,310,500 in fines.

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

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Additional news

• October 24, 2018 Lino P. Matteo’s appeal dismissed
• February 13, 2015 Mount Real - Yves Mechaka fined $140,000
• February 19, 2014 In the Matter of Norshield - Enrico Bruni fined $18,000
• July 2, 2013 Norshield - René Joubert Fined $225,000
• February 18, 2013 Penal proceedings against the officers of Mount Real - Paul D'Andrea fined $655,000
• December 20, 2012 Illegal practice as a dealer - Jacques Gagné fined $806,000
• September 6, 2012 In the Matter of Norshield - Michel L'Italien fined $80,000 and René Joubert found guilty
• May 25, 2012 In the Matter of Norshield - Claude Tardif ordered to pay $16,000 in fines
• April 10, 2012 Mount Real and Norshield - Marc-André Froment and Roberto Milzi fined
• May 6, 2011 Norshield - Yves Tardif fined $104,000
• March 7, 2011 Not responsible by reason of mental disorders - AMF appeals decision rendered in respect of Denis Patry
• February 25, 2011 Mount Real and Norshield - Nick Mylonakis, William Marston and René Proteau fined
• January 24, 2011 Mount Real - Paul Messier Jr fined $104,000
• December 22, 2010 Mount Real and Norshield - Fayza Rifai, Jaime Lao Wan Lian, Francesco Iaconno and Nick Mylonakis guilty
• November 22, 2010 Penalty against second representative in Norshield matter
• November 10, 2010 Mount Real - Paul Quenneville and René Proteau plead guilty
• October 27, 2010 12^th representative fined in Mount Real matter - Larraine Lyttle fined $91,000
• October 20, 2010 Mount Real - Three additional representatives guilty
• May 27, 2010 Penalty against representative in Norshield matter
• May 11, 2010 Three representatives convicted - Yves Tardif, Éric Couture and Larraine Little guilty
• March 31, 2010 In the Matter of Norshield - AMF Sues 11 individuals, Files 140 Charges and Seeks $976,000 in Fines
• March 23, 2010 Illegal Distributions on the North Shore - Michel L'Italien fined $500,000
• March 8, 2010 Mount Real - Anthony Cappellano guilty
• May 14, 2009 Michel L'Italien and Jacques Gagné - Freeze orders extended
• December 22, 2008 Zenith Corporation - AMF files 89 charges against Denis Patry , seeks prison term and fine of $2,157,000
• November 14, 2008 AMF files suit against Jacques Gagné and seeks over $800,000 in fines
• November 13, 2008 Michel L'Italien - Freeze order extended
• September 22, 2008 Mount Real - AMF files 682 charges against 5 officers, seeks prison terms and hefty fines
• August 27, 2008 Jacques Gagné - Freeze order extended
• August 15, 2008 AMF files 102 charges against Michel L'Italien and seeks $692,000 in fines
• May 5, 2008 Mount Real - Anthony Cappellano guilty
• April 30, 2008 Mount Real - Enrico Bruni acquitted
• April 14, 2008 Mount Real - Luigi Muro found guilty and ordered to pay $324,000
• January 10, 2008 Mount Real - Christophe Balayer guilty on 10 counts
• November 1^st, 2007 Victor Lacroix and Armando Ferruci convicted and fined, respectively, $156,000 and $288,000
• June 4, 2007 Matter of Michel L'Italien - Freeze and cease trade orders
• March 7, 2007 Freeze and cease trade orders against Michel L'Italien, 9151-5270 Québec inc., Noble & Finance inc. and Les Investissements Noble & Finance inc.
• February 27, 2007 Québec Court rules appeal by Jacques Gagné unfounded
• January 30, 2007 Matter of Jacques Gagné - Freeze orders renewed
• January 24, 2007 Mount Real - AMF files 619 charges against 24 individuals
• December 19, 2006 Application for suspension of execution dismissed for Jacques Gagné
• July 6, 2006 Zenith - AMF pleased with implementation of liquidation plan
• June 8, 2006 Mount Real Corporation - Freeze order extended
• May 24, 2006 Order against Jacques Gagné confirmed
• May 16, 2006 Mount Real Corporation - AMF confirms suspension of two independent representatives and firm
• March 24, 2006 Mount Real Corporation - AMF suspends Carole Dorion
• March 17, 2006 Mount Real Corporation: Court authorizes AMF to intervene
• March 9, 2006 Jacques Gagné found guilty
• February 28, 2006 Mount Real Corporation - Orders issued against Laurence Henry
• February 23, 2006 Mount Real Corporation - AMF suspends Champoux, Froment et associés
• February 14, 2006 Mount Real Corporation - AMF suspends Yves Tardif
• February 13, 2006 Zenith - Liquidation order and appointment of liquidator
• February 9, 2006 Mount Real Corporation - Freeze order extended
• January 13, 2006 Report filed by provisional administrator - AMF recommends Wind-Up of Zenith Growth Fund
• January 13, 2006 AMF recommends wind-up of Zenith growth fund
• January 6, 2006 New Cease Trading Order In Mount Real Case
• December 1^st, 2005 Valeurs mobilières iForum inc. - Services Financiers iForum inc. - Sale of Assets
• November 23, 2005 Mount Real Corporation - Further freeze order
• November 10, 2005 Mount Real Corporation - Provisional administrator appointed, freeze and cease trading orders issued
• October 31, 2005 Zenith fund - Appointment of provisional administrator recommended
• September 13, 2005 Planiges registration suspended and Zenith fund frozen
• June 30, 2005 RSM Richter Appointed Receiver of Norshield Group in Quebec
• June 29, 2005 Court Orders Appointment of RSM Richter Inc. as Receiver of Norshield
• June 22, 2005 AMF investigating Mount Real
• June 3, 2005 Norshield Asset Management - Appointment of monitor
• May 20, 2005 Norshield funds ordered to cease activity
• March 30, 2005 Orders issued against Jacques Gagné