May 13, 2014 Securities

Montréal - The Autorité des marchés financiers ("AMF") has launched a penal proceeding against Normand Tétrault, Pierre-Michel Combaluzier and Paul Dénommée and it has filed a total of 28 charges for illegal practice as a dealer, distribution without a prospectus and aiding with a distribution without a prospectus. The three individuals face a total minimum fine of $130,000.

According to the evidence gathered by the AMF, investors were solicited for the purpose of investing in real estate projects, international banks or tax havens, with promises of returns varying from 12 to 60% per year. Others invested in two companies, First Imperial Mint and Échanges Napoléon, through participation agreements toward an operating fund advance in the form of shares, loan agreements or private placements.

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

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