March 20, 2013 Securities

Montréal - On March 7, 2013, Justice of the Peace Danielle Michaud of the Court of Québec, Criminal and Penal Division, for the district of Joliette fined Jean-Marc Gaudreau a total of $57,000.

Jean-Marc Gaudreau pleaded guilty to seven charges brought by the Autorité des marchés financiers (the AMF) in April 2012, namely, four counts for illegal practice as a dealer and three counts for making a distribution without a prospectus. Mr. Gaudreau solicited investors through an advertisement published in a newspaper to invest in Gestion Soficap inc. or 9135-4118 Québec inc., neither of which was registered with the AMF.

In deciding on the sentence, the Justice of the Peace took into account the following aggravating factors, among other things: deterrence, the financial and moral impact on the victims, the vulnerability of one of the victims, the profit made from the offence and the Defendant's knowledge about investments. The penalty imposed on Jean-Marc Gaudreau represents three times the minimum penalty set by law.

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

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