Montréal - The Autorité des marchés financiers (the AMF) has filed 77 charges against Raphaël Huppé in the judicial district of Joliette and is seeking a total of $735,000 in fines.

The AMF's investigation showed that between June 2008 and June 2010, Raphaël Huppé illegally encouraged 27 investors to purchase securities of Effective Control Transport Inc. and/or Corporation Axyomm Technologies and WESPP International / Corporation Vida Pharma International for an amount of $740,000.

More specifically, the AMF claims that, on 25 occasions, Raphaël Huppé illegally acted as a securities dealer and illegally distributed securities of Effective Control Transport Inc. and/or Corporation Axyomm Technologies and WESPP International / Corporation Vida Pharma International. The AMF also claims that on 21 occasions Raphaël Huppé told investors, without prior authorization from the AMF, that the securities could be redeemed or that they would eventually be listed for trading. Lastly, the AMF claims that on six occasions Raphaël Huppé made misrepresentations in respect of a transaction in a security. The AMF is seeking a total of $735,000 in fines from Raphaël Huppé, triple the minimum fine under the law.

The AMF has also brought one charge against WESPP International / Corporation Vida Pharma International for making an illegal distribution and is seeking a $5,000 fine from the company.

In the summer of 2010 the AMF applied to the Bureau de décision et de révision in this matter and obtained cease and freeze trade orders to prevent further solicitation of investors.

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

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