Montréal - The Autorité des marchés financiers (the "AMF") has launched a penal proceeding against Serge Cossette and Claude R. Charron involving two charges: one against each respondent for illegal practice as a dealer and aiding, by act or omission, with an illegal practice as a securities dealer. The AMF is seeking a $5,000 fine from each of them.

The AMF intends to prove that Serge Cossette solicited an individual to invest in the American company ePhone Telecom Inc., claiming that the company's shares could eventually be worth US$2.50 each. An investment contract was allegedly entered into through Investissements Kinked, whose president was Claude R. Charron.

Neither Serge Cossette nor Claude R. Charron was registered with the AMF as a securities dealer. The shares of ePhone Telecom Inc. subsequently dropped in price, resulting in a loss of US$218,750 for the investor.

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

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