Securities

Montréal, August 21, 2017 – On June 13, 2017, the Financial Markets Administrative Tribunal (the "Tribunal") approved the agreement entered into by the Autorité des marchés financiers (the "AMF") and Gerson Paul, issued cease trade orders and imposed an administrative penalty against Gerson Paul.

More specifically, the Tribunal prohibited Gerson Paul from carrying on any activity, directly or indirectly, in respect of transactions in any form of investment governed by the Securities Act and prohibited him from pursuing activities as an adviser, as defined in section 5 of the Securities Act.

The Tribunal also ordered the respondent to pay an administrative penalty of $10,000.

At the hearing before the Tribunal, Gerson Paul acknowledged having engaged in activities reserved for securities dealers without being registered as such with the AMF and distributing securities by seeking subscribers for debt securities without having first filed a prospectus with the AMF.

This decision was further to a request made by the AMF This link will open in a new window to have cease trade orders and administrative penalties imposed against Gerson Paul and Schneider Nicolas. The matter relating to Schneider Nicolas is ongoing.

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

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