October 22, 2014 Securities

Montréal - Robert Lebel, Lucie Roussel and Réjean Lessard were recently ordered to pay fines totalling $156,000 further to penal proceedings launched by the Autorité des marchés financiers ("AMF") based on charges related to illegal distribution activities that caused investors in the Québec City region to lose almost $100,000.

The AMF investigation revealed that the respondents offered investment opportunities in various companies through loan agreements, without holding the required authorizations.

More specifically, on October 10, 2014, Judge Marie-Claude Gilbert of the Court of Québec, district of Québec City, imposed fines totalling $70,000 on Robert Lebel. On September 25, 2014, Robert Lebel was found guilty on 18 charges: eight charges of illegal distribution and ten charges of pursuing activities illegally as a dealer. Robert Lebel's actions caused investors to lose $68,000.

On October 3, 2014, Lucie Roussel pleaded guilty before Judge Yannick Couture of the Court of Québec, district of Québec City, to 13 charges: seven charges of pursuing activities illegally as a securities dealer and six charges of making distributions without a prospectus. The court ratified the recommendation presented to it regarding the penalty, namely, fines totalling $44,000. Lucie Roussel's actions caused investors to lose $13,000.

That same day, Réjean Lessard also pleaded guilty before Judge Yannick Couture of the Court of Québec, district of Québec City, to 12 charges: six charges of pursuing activities illegally as a securities dealer and six charges of making distributions without a prospectus. The court also ratified the recommendation presented to it regarding the penalty, namely, fines totalling $42,000. Réjean Lessard's actions caused investors to lose $18,200.

In 2012, Réjean Lessard was fined $67,500 for illegal distribution activities related to the matter of Centre de traitement d'information de crédit (C.T.I.C.) inc. As well, cease trade and freeze orders

were issued against Réjean Lessard in May 2009, and the AMF launched penal proceedings against him in the spring of 2014.

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

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