Decisions and Freeze and cease trade orders

Montréal - The Bureau de décision et de révision (the "Bureau") recently ordered Warren English and Méga International Business to disgorge $474,543 to the Autorité des marchés financiers (the "AMF") in addition to paying an administrative penalty of $500,000 in a matter involving illegal practice and illegal distributions.

The AMF investigation revealed that the respondents misappropriated funds for personal benefit by distributing a product called Mega Pension Plan without being registered with the AMF and without an approved prospectus. Warren English, a Laval resident, sent e-mails to potential investors and purported to act as a director of Mega Pension Plan, a reverse pension plan, with promises of making a lot of money fast.

The hefty penalty was based on a number of aggravating factors, including the seriousness of the crimes, the damage caused to market integrity, investor vulnerability and the offender's previous conduct. Warren English was under a cease trade order issued in Ontario in 2003 and was ordered to pay penalties totalling $10,000 for breaching an order issued in 2001.

Related proceedings
In 2011, the Bureau issued freeze and cease trade orders in an effort to stop the fraudulent marketing activities of the respondents.

In the same matter, the AMF launched a penal proceeding in July 2013 against Alain André Desarzens, who promoted numerous investment programs via the Internet through mass mailings sent around the world.

Caution
The AMF reminds investors of five easy steps to help them determine possible fraud. Go to our website to help protect yourself against fraud, including Internet and social media fraud.

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

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