July 10, 2013 Securities

Montréal - On June 18, 2013, René Sauriol pleaded guilty before Québec Court Judge Christine Augé to 62 charges under the Securities Act. Following joint submissions on sentencing, the Judge ordered him to pay a total fine of $372,000.

René Sauriol pleaded guilty to 31 charges of carrying out an illegal practice as a securities dealer and to 31 charges of conducting distributions without a prospectus.

René Sauriol, a former insurance representative, encouraged nine of his clients to invest in a shell company by making illegal use of the name and logo of a Swiss company. In this manner he defrauded the nine investors of approximately $462,000. Seven of the investors have been indemnified through the AMF compensation fund for a total of $418,660.

On September 28, 2012, René Sauriol was sentenced to a suspended prison term of two years less a day in a matter related to the same events.

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

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