Montréal - On June 20, 2013, Presiding Justice of the Peace Nathalie Duperron-Roy of the Court of Québec, found Pasquale Schiavone guilty on three charges of acting illegally as a securities dealer, aiding, by act or omission, Richvale Resource Corporation with an illegal distribution as well as declaring, in effecting a transaction in securities, that a company's shares would be listed. The Judge ordered him to pay a fine totalling $22,000.

The decision regarding this penalty took into account the following aggravating factors:

  • Pasquale Schiavone was aware of the law since he was previously registered as a securities dealer;
  • Three years after the share certificate was issued, Pasquale Schiavone asked the investor to sign a letter in a bid for exoneration from his actions;
  • The financial loss incurred by the investor.

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

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