Illegal distributions related to currency market - Michel Julien fined $184,500

Decisions and Freeze and cease trade orders Securities

Montréal - In a decision handed down on April 7, 2011, Judge Johanne White, Justice of the Peace of the Court of Québec, district of Montréal (Criminal and Penal Division), ordered Michel Julien to pay fines totalling $184,500.

Michel Julien pleaded guilty to 22 charges brought against him by the Autorité des marchés financiers (the "AMF") in April 2010. Specifically, the AMF accused Michel Julien of pursuing activities as a securities adviser and dealer without being registered as such with the AMF by carrying out solicitation for the purpose of managing securities portfolios, managing portfolios over a period of 188 days and carrying out solicitation related to the distribution of investment contracts on behalf of Regis Investment Fund.

The AMF also alleged that he aided Regis Investment Fund with making distributions without a prospectus and giving an undertaking relating to the future value of securities, namely, by guaranteeing the capital investment and, in some instances, expected returns.

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

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