Guilty verdict for ninth Mount Real representative - Guy Prescott fined $40,500

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.

— 30 —


Media only:
Sylvain Théberge: 514-940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337

Additional news