April 23, 2009 Decisions and Freeze and cease trade orders Securities

Montréal – In a decision handed down on April 20, 2009, Judge Élizabeth Corte of the Court of Québec (Criminal and Penal Division), district of Montréal, ordered Maxso Morino to pay a fine totalling $40,000 further to a penal proceeding launched by the Autorité des marchés financiers (AMF) in January 2005.

Maxso Morino pleaded guilty to 20 counts brought against him for:

• pursuing activities as a securities dealer within the meaning of section 5 of the Securities Act (the "Act") without being registered as such with the Commission des valeurs mobilières du Québec, thereby violating sections 148 and 202 of the Act (15 counts); and
• aiding, by act or omission, Les Investissements Cadec inc. (3814459 Canada inc.) with the distribution of a form of investment governed by the Act, without a prospectus approved by the Commission, thereby violating sections 11 and 202, with reference to sections 204 and 208 of the Act (5 counts).

In June 2007, Jean-Jacques Dardy was fined $84,000 for similar violations in connection with Les Investissements Cadec inc.

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

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