May 4, 2004 Decisions and Freeze and cease trade orders Securities

Montréal – On April 23, 2004, Justice Gilles Pigeon of the Court of Québec, Criminal and Penal Division, found Johanne Goyette guilty of one count, that of having infringed section 195 (4) of the Securities Act (the “Act”).

Ms. Goyette had been called to testify in connection with an investigation being conducted by the Commission des valeurs mobilières du Québec (the “Commission”, now the “Autorité des marchés financiers” or “AMF”). She was ordered to pay a $3,000 fine plus $375 in costs for having failed to appear before a Commission investigator.

As Ms. Goyette had already been found guilty of a similar offence on September 26, 2003, the judge ordered her to pay a higher fine ($3,000) than the minimum ($1,000).

Recall that under the Act, AMF investigators have the power to compel individuals to testify and to provide certain documents. When people refuse to cooperate in investigations, penal proceedings may be initiated against them.

To read the press releases already published in this matter, please visit the AMF’s web site, under the heading Access to the sites of the organizations merged into the Autorité. Click on the link to the Commission des valeurs mobilières du Québec (CVMQ), then on the link to the CVMQ’s archived press releases.

Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l'assurance-dépôts du Québec, the Fonds d'indemnisation des services financiers and the Inspector General of Financial Institutions.

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