Late Insider Reporting - Martial Rolland and Robert Jones ordered to pay $13,200 and $8,400 respectively
Decisions and Freeze and cease trade orders Securities
Montréal – Judge Micheline Dufour of the Court of Québec (Criminal and Penal Division, district of Laval) ordered Martial Rolland and Robert Jones to pay fines in the amount of $13,200 and $8,400 respectively further to penal proceedings launched against them by the Autorité des marchés financiers (AMF) for failing to report, within 10 days of the event, changes in their control over the securities of an issuer.
On December 29, 2004, the AMF filed nine counts against Martial Rolland for failing to report, within the prescribed time period, changes in his control over the securities of Rolland Virtual Business Systems Ltd. in respect of which he was an insider, thereby violating section 97 of the Québec Securities Act (the “Act”), with reference to section 174 of the Securities Regulation. Moreover, on September 15, 2005, the AMF launched other proceedings against him for a similar offence. Mr. Rolland then faced two counts. With respect to the total 11 counts, Mr. Rolland was ordered to pay a fine in the amount of $13,200, which is more than the minimum fine stipulated under the Act.
As for Robert Jones, he faced seven counts filed against him on March 7, 2005 by the AMF for failing to report, within the prescribed time period, changes in his control over the securities of Rolland Virtual Business Systems Ltd. in respect of which he was an insider, thereby violating section 97 of the Act, with reference to section 174 of the Securities Regulation. Mr. Jones was ordered to pay a fine in the amount of $8,400, which is more than the minimum fine stipulated under the Act.
Insiders are required to report, within 10 days of the event, any change in their control of the securities of a reporting issuer via the System for Electronic Disclosure by Insiders (SEDI) at www.sedi.ca 
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The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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