March 26, 2004 Decisions and Freeze and cease trade orders Securities

Montréal – On February 11, 2004, at the Montréal Courthouse, Hugues Carrier pleaded guilty to four counts brought against him by the Commission des valeurs mobilières du Québec (the “Commission”, now part of the Autorité des marchés financiers or “AMF”). Judge Yves Morier of the Court of Québec, Criminal and Penal Division, ordered him to pay a total fine of $12,000 within a period of 30 months.

On March 9, 2004, at the Longueuil Courthouse,  Carrier also pleaded guilty to five counts brought against him by the Commission. He was ordered by Judge Léopold Goulet to pay a total fine of $13,000 within a period of 30 months.

Mr. Carrier recognized pleaded guilty to the following charges:

• Having assisted 9066-8526 Québec Inc. to distribute its shares without the company having a prospectus approved by the Commission, thus contravening Section 11 of the Québec Securities Act (the “Act”). The four other counts relating to this infraction that he pleaded guilty to earned him a fine of $20,000; and
• Having carried on business as a dealer without being registered as such with the Commission, in violation of  5 and 148 of this same Act. He pleaded guilty to five such counts for which he was imposed a fine of $5,000.

To read press releases previously published in this matter, please consult the AMF’s website, under the heading Access to the sites of the organizations merged into the Autorité. Click on the link to the Commission des valeurs mobilières du Québec (CVMQ), then on the link to the CVMQ’s archived press releases.

Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF merges the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l’assurance-dépôts du Québec, the Fonds d’indemnisation des services financiers and the Inspector General of Financial Institutions.

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