Montréal, August 11, 2011 - On August 4, 2011, at the request of the Autorité des marchés financiers (the AMF), the Bureau de décision et de révision (the Bureau) issued freeze and cease trade orders and orders to cease acting as a securities adviser against Daniel L'Heureux,1 9248-8543 Québec Inc. and Nosfinances.com. Additionally, Mr. L'Heureux's registration as representative of a mutual fund dealer and independent representative in insurance of persons and financial planning was suspended.
The Bureau also ordered Daniel L'Heureux, 9248-8543 Québec Inc. and Nosfinances.com. Inc. not to dispose of the funds, securities or other assets in their possession, in their safekeeping or under their control.
On July 28, 2011, the AMF was informed that Daniel L'Heureux, majority shareholder and the only member of the board of directors of 9248-8543 Québec Inc. and Nosfinances.com Inc., solicited at least three clients, in connection with his duties at Desjardins, to suggest they make investments totalling $225,000, in particular in Nosfinances.com Inc. In consideration of the amount invested in the form of leveraged borrowing, the clients were to receive preferred shares in Nosfinances.com Inc. and a return of 8%.
These investments, which were carried out recently and which were conducted without a prospectus approved by the AMF, and without a prospectus exemption, were transferred to Mr. L'Heureux's personal account. He subsequently withdrew amounts for his personal use.
The Chambre de la sécurité financière has also begun proceedings to temporarily revoke the registration of Daniel L'Heureux as a representative of a mutual fund dealer, financial security advisor and financial planner. It also filed a disciplinary complaint against Daniel L'Heureux.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial industry.
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Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337
1Respondent Daniel L'Heureux should not be confused with Daniel L'Heureux, financial security advisor as well as group insurance and annuity advisor, of Groupe Cloutier investissement Inc. and holder of certificate No. 165224.