Montréal - On May 2, 2013, Presiding Justice of the Peace Serge Cimon of the Court of Québec, Criminal and Penal Division, declared that the defendants André Bernou, Francine Bourque and Intra Pacifico Consultant inc. were guilty of the charges brought against them.
With respect to Francine Bourque, Judge Cimon approved the joint recommendation made by the parties whereby she pleaded guilty to all charges, namely, three charges for aiding with an illegal distribution, three charges for pursuing activities as a securities dealer without being registered as such, and one charge for representing to investors that the shares of Intra Pacifico Consultant inc. would be listed on a securities exchange without prior authorization from the Autorité des marchés financiers ("AMF"). Francine Bourque was ordered to pay a fine in the amount of $20,000 for all charges.
As for André Bernou and Intra Pacifico Consultant inc., Judge Cimon declared each of them guilty on the six charges brought against them, namely, three charges for making a distribution without a prospectus and three charges for pursuing activities as a securities dealer without being registered as such. They were each ordered to pay a fine of $60,000 for the 12 charges brought against them. Judge Cimon said that he imposed the fine on account of the $50,000 loss incurred by one of the investors and because he did not want André Bernou to derive financial benefit from the illegal practice.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial sector.
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