Michel L'Italien and Jacques Gagné - Freeze orders extended

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) recently extended for a period of 120 days the freeze orders issued in two separate matters against Michel L’Italien and Jacques Gagné.

In a decision handed down on April 28, 2009 in the matter of Michel L’Italien, the BDRVM extended the freeze order initially issued on May 31, 2007 in respect of the following firms and individuals: 9151- 5270 Québec inc., Noble & Finance inc., Les Investissements Noble & Finance inc., Services financiers l’Italien inc., Michel L’Italien, Berchmans L’Italien, Lisette L’Italien, Pauline L’Italien, Sylvie Basso, Fleurette Rousseau, Michelle Béliveau, Water Bank of America inc. and Water Bank of America (USA) Inc. Under the order, these firms and individuals must refrain from disposing of the securities of Water Bank of America Inc. and Water Bank of America (USA) Inc. registered in the name of Michel L’Italien, Berchmans L’Italien, Lisette L’Italien, Services Financiers l’Italien inc., Pauline L’Italien, Sylvie Basso, Fleurette Rousseau and/or Michelle Béliveau, and must refrain from withdrawing such securities from any other person.

In August 2008, the AMF filed 102 charges against Michel L’Italien and sought $692,000 in fines.

In a decision handed down on April 30, 2009 in the matter of Jacques Gagné, the BDRVM extended the freeze order initially issued on October 19, 2006 in respect of 9151-2632 Québec inc., whose sole director and shareholder is Martine Gravel, and 9112-2192 Québec inc., headed by Jacques Gagné.

In November 2008, the AMF launched a penal proceeding against Jacques Gagné, seeking $813,000 in fines.

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

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