Illegal practice as securities dealer - Ghislaine Pigeon fined $55,500

Decisions and Freeze and cease trade orders Securities

Montréal – In a decision handed down on March 30, 2010, Justice of the Peace Jean-Georges Laliberté of the Court of Québec, district of Terrebonne, imposed fines totalling $55,500 on Ghislaine Pigeon, who was convicted of acting illegally as a securities dealer.

In June 2009, Ghislaine Pigeon was convicted on the 37 charges brought against her by the Autorité des marchés financiers (AMF) for acting illegally as a securities dealer, between 2002 and 2005, while employed at Méga Prêts (2000) inc. and Groupe financier Inter Continental S.A.

In determining the penalty, the Court took a number of aggravating factors into account, in particular, the deadweight losses and the fact that the victims will not recover any of the funds entrusted to the companies involved. In all, 19 individuals lost a total of $510,970.

Two other individuals faced legal proceedings in this matter. In April 2009, Line Vaillancourt pleaded guilty to 14 charges and was fined $14,000. Luc Tessier, who faced 27 charges, is set to stand trial in November 2010.

Moreover, Ghislaine Pigeon faces charges in another suit launched in March 2009 in connection with National Solutions International Inc., in which the AMF is seeking total fines of $48,000 for illegal practice and aiding with an illegal distribution.

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

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