Illegal Distributions on the North Shore - Michel L'Italien fined $500,000

Decisions and Freeze and cease trade orders Securities

Montréal – On March 16, 2010, Justice of the Peace Louise Gallant of the Court of Québec, district of Mingan, imposed a $500,000 fine on Michel L’Italien, who purported to be a securities dealer, in connection with proceedings launched against him by the Autorité des marchés financiers (AMF).

Michel L’Italien pleaded guilty to 102 violations of the Securities Act, of which 33 related to distributions without a prospectus, 38 to illegal practice as a dealer, 28 to misrepresentations and three for stating that the shares of Water Bank of America would be listed on an exchange.

Some 39 investors, mainly North Shore residents, paid approximately $660,000 to acquire shares of Water Bank of America and Rockies Financial Corporation in 2005 and 2006.

The AMF reminds investors of the importance of ensuring that the firms and individuals offering a financial product are duly authorized to do so, by consulting the Register of firms and individuals authorized to practice on the AMF website or by contacting the Information Centre.

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

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