Montréal, June 6, 2011 - The Autorité des marchés financiers (the AMF) has launched penal proceedings against Richard Tremblay and his business partner André Mailloux. The AMF is seeking fines totalling $1,120,400 and a prison term.

More specifically, the AMF has brought 29 charges against Richard Tremblay for aiding Wyntrust Ventures Capital Inc. and related companies with illegal distributions (11 counts) and for acting illegally as a securities dealer (9 counts). The AMF also accuses Mr. Tremblay of giving an undertaking relating to the future value of securities and of declaring that the securities would be listed on a stock exchange (7 counts). As well, it accuses him of using the word trust in the names of two companies although they were not trust companies (2 counts). The AMF is seeking fines totalling $710,400 against Richard Tremblay, which is, for most of the charges, ten times the minimum fine set out in the Securities Act, and a prison term.

The AMF also filed 17 charges against André Mailloux for aiding Wyntrust Ventures Capital Inc. and related companies with illegal distributions (6 counts), for acting illegally as a securities dealer (6 counts), for giving an undertaking relating to the future value of securities and for declaring that the securities would be listed on a stock exchange (5 counts). The AMF is seeking fines totalling $410,000 against André Mailloux, ten times the minimum fine set out in the Securities Act, and a prison term.

Richard Tremblay and his partner André Mailloux approached various business owners and investors to invest in Wyntrust Ventures Capital Inc. and Fonds Strategy Capital in exchange for shares of the latter. They declared that Wyntrust Ventures Capital Inc. would be listed on a stock exchange and investors could therefore expect returns of up to 200%.

The AMF's investigation revealed that the seven investors for whom charges were filed lost approximately $535,000.

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

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