Montréal - On August 31, 2012, at the request of the Autorité des marchés financiers (the "AMF"), the Bureau de décision et de révision (the "Bureau") imposed a total of $107,000 in penalties on the promoter (9153-2986 Québec inc.), the rental pool (9154-1896 Québec inc.) and the six directors of the Les condos du Lac Taureau project for failing to file the financial information prescribed by the Securities Act within the required time period.

In its decision, the Bureau said: [Translation] "The administrative penalties imposed by the Bureau in this matter may seem severe but they are intended to highlight the importance this tribunal gives to the timely preparation, sending and distribution of financial information to investors and, in this matter, to the co-owners of housing units. By receiving the information required to be disclosed, these investors and owners are better able to follow their respective investments in this project and determine their success."

The AMF claimed that the respondents had failed to submit the audited annual income statement for 2006 to 2009 and the interim annual net income statement for 2007 to 2009. More specifically, the Bureau charged each of the respondent companies, 9153-2986 Québec inc. and 9154-1896 Québec inc., an administrative penalty of $40,000. Mario Gouin, President and Chief Executive Officer and director, was charged an administrative penalty of $12,000 since the documents were only filed after several requests by the AMF and the launching of an administrative proceeding. Each of the directors, namely, Guy Brisebois, Christian Lamarche, Marcel Champagne, Réjean Gouin and Bernard de Valicourt, was also charged an administrative penalty of $3,000.

The Bureau added: [Translation] "A person who agrees to sit on the Board of Directors of a reporting issuer should expect to fulfill obligations which are important for investor protection and financial market efficiency. There is no proof that these directors took any steps to ensure that the situation had been resolved and the documents sent to the AMF."

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

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