Decisions and Freeze and cease trade orders Securities

Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision en valeurs mobilières (BDRVM) issued an order on May 30, 2007 to 9151-5270 Québec inc., Noble & Financ  inc., Les Investissements Noble & Finance inc., Michel L’Italien, Berchmans L’Italien, Lisette L’Italien, Services Financiers L’Italien inc., Pauline L’Italien, Sylvie Basso, Fleurette Rousseau, Michelle Béliveau, Water Bank of America inc. and Water Bank of America (USA) inc. not to dispose of the shares of Water Bank of America inc. and Water Bank of America (USA), which are registered in the name of Michel L’Italien, Berchmans L’Italien, Lisette L’Italien, Services Financiers L’Italien inc., Pauline L’Italien, Sylvie Brasso, Fleurette Rousseau and Michelle Béliveau, and to refrain from withdrawing them from any other person having them on deposit or in safekeeping.

As well, the BDRVM prohibited 9151-5270 Québec inc., Noble & Finance inc., Les Investissements Noble & Finance inc., Michel L’Italien, Berchmans L’Italien, Lisette L’Italien, Services Financiers L’Italien inc., Pauline L’Italien, Sylvie Basso, Fleurette Rousseau and Michelle Béliveau from trading directly or indirectly in the shares of Water Bank of America inc. and Water Bank of America (USA).

On March 5, 2007, the BDRVM issued a freeze order on a debenture in the amount of $770,000 issued by Water Bank of America to 9151-5270 Québec inc. It also issued a cease trade order against 9151-5270 Québec inc., Noble & Finance inc., Les Investissements Noble & Finance inc. and Michel L’Italien, and prohibited them from acting as a securities dealer.

The AMF had taken action based on the following allegations:

  • 9151-5270 Québec inc. distributed a form of investment governed by the Securities Act, without holding a prospectus approved by the AMF;
  • 9151-5270 Québec inc. and president and director Michel L’Italien made misrepresentations to investors.

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

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