Securities

Montréal – The Autorité des marchés financiers (the “AMF”) has filed penal proceedings in the district of Trois-Rivières against Michel Livernoche and Pascal Renaud in connection with illegal distributions and illegally pursuing activities as foreign exchange (FOREX) advisers.

Specifically, Michel Livernoche faces a total of 15 charges related to two series of separate offences. For the first series of offences, related to the Securities Act, Michel Livernoche faces five charges of illegal practice as a securities dealer, five charges for making a distribution without a prospectus and three charges for making misrepresentations about a securities transaction. With respect to the second series of offences, related to the Derivatives Act, he faces one charge of illegal practice as a securities adviser and one charge for making misrepresentations about a derivatives offer or trade.

Pascal Renaud is facing 10 charges related to the first series of offences, namely, five charges of illegal practice as a securities dealer and five charges for making a distribution without a prospectus.

Michel Livernoche and Pascal Renaud were never registered with the AMF in any capacity whatsoever.

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

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