Securities

Montréal - The Autorité des marchés financiers (the "AMF") has launched two penal proceedings, one in the judicial district of Terrebonne against Gilbert Lasnier and the other in the judicial district of Québec City against Guy-Paul Gauthier, Michael E. Heller and Beluga Composites Corporation, related to illegal practice as dealers and illegal distributions. The AMF is seeking fines of $419,000 in this matter.

The investigation showed that investors wished to purchase securities of Beluga Composites Corporation, which never obtained a prospectus receipt or a prospectus exemption for distributions made in Québec, through Gilbert Lasnier, Guy-Paul Gauthier and Michael E. Heller.

More specifically, the AMF accuses Gilbert Lasnier of acting illegally as a dealer and assisting Beluga Composites Corporation with illegal distributions on four occasions and of giving an undertaking relating to the future price of the securities. The AMF is seeking total fines of $75,000 against him.

Guy-Paul Gauthier faces 16 charges, including seven for acting illegally as a securities dealer and seven for aiding Beluga Composites Corporation with illegal distributions. The AMF also accuses him of stating that the corporation's securities would be listed on an exchange and of promising an investor that he would not lose any money in the transaction. The AMF is seeking fines totalling $228,000. Guy-Paul Gauthier was fined $6,000 in 2008 for similar acts in connection with NewTech Brake (pdf - 33 KB)This link will open in a new window.

Michael E. Heller, the secretary and legal counsel of Beluga Composites Corporation, faces nine counts: eight for aiding the corporation with illegal distributions and one for acting illegally as a securities dealer. The AMF is seeking total fines of $82,000 against him.

Beluga Composites Corporation, which manufactures fiber glass inflammable-liquid storage tanks, is charged with seven counts of illegal distributions and faces fines of $70,000.

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

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