May 8, 2013 Securities

Montréal - The Autorité des marchés financiers ("AMF") has launched penal proceedings against Jean Desbiens, Ghislaine Desbiens and Services financiers P.G.Q.S. Inc. and filed 15 charges for illegal practice as a dealer, distribution without a prospectus, misrepresentation and violation of a decision by the Bureau de décision et de révision ("Bureau"). The AMF is seeking $198,200 in fines.

According to the AMF investigation, Jean Desbiens solicited an investor for the purpose of distributions through Services financiers P.G.Q.S. Inc. in the form of debt securities, without being registered with the AMF for such purpose (4 charges) and made a misrepresentation to the investor (4 charges). As well, Jean Desbiens violated a <link file:25471>Bureau decision in 2007 that prohibited him in particular from acting as a securities adviser for a period of five years and imposed an administrative penalty on him in the amount of $10,000 (2 charges). As for Ghislaine Desbiens, who is the sole officer of Services financiers P.G.Q.S., she is accused of aiding the firm, at least by omission, in carrying out distributions proposed by Jean Desbiens (4 charges against Ghislaine Desbiens et 1 charge against Services Financiers P.G.Q.S.).

Jean Desbiens was found guilty of similar offences in 1993.

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

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