May 3, 2004 Decisions and Freeze and cease trade orders Securities

Montréal – In March and April of 2004, before courts of various judicial districts in Québec, Michel Tétrault pled guilty to nineteen (19) counts brought against him by the Commission des valeurs mobilières du Québec (the “Commission”), now merged into the Autorité des marchés financiers. The Commission had instituted penal proceedings against Mr. Tétrault in October 2002.

Mr. Tétrault had been charged with assisting 9055-6713 Québec inc., 9066-3477 Québec inc. and 9066-3832 Québec inc. with the distribution of their shares without these companies having a prospectus approved by the Commission. These contraventions of section 11 of the Securities Act (the “Act”) earned him an overall fine of $95,000, which he must pay within 36 months.

More precisely, Mr. Tétrault pled guilty to:

• three counts on March 18, 2004 at the Montréal Courthouse. Judge Claude Parent of the Court of Québec, Criminal and Penal Division, ordered him to pay a total fine of $15,000;
• two counts on March 23, 2004 at the Longueuil Courthouse. Judge Gérard Girouard of the Court of Québec, Criminal and Penal Division, ordered him to pay a total fine of $10,000;
• ten counts on April 1, 2004 at the Québec City Courthouse. Judge André Plante of the Court of Québec, Criminal and Penal Division, ordered him to pay a total fine of $50,000;
• one count on April 6, 2004 at the Joliette Courthouse. Judge Michel Hétu of the Court of Québec, Criminal and Penal Division, ordered him to pay a total fine of $5,000;
• one count on April 7, 2004 at the Laval Courthouse. Judge Michel Duceppe of the Court of Québec, Criminal and Penal Division, ordered him to pay a total fine of $5,000;
• two counts on April 15, 2004 at the Baie-Comeau Courthouse. Judge Gabriel de Pokomandy of the Court of Québec, Criminal and Penal Division, ordered him to pay a total fine of $10,000.

To read previous press releases issued in this case, please consult the Web site of the Autorité des marchés financiers, under the heading Access to the sites of the organizations merged into the Autorité. Click on the link to the Commission and then on the link to the Commission’s archived press releases.

Established on February 1, 2004, the Autorité des marchés financiers is the regulatory and oversight body for Québec's financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l'assurance-dépôts du Québec, the Fonds d'indemnisation des services financiers and the Inspector General of Financial Institutions.

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