Montréal, February 25, 2011 - Nick Mylonakis, William Marston and René Proteau, who were prosecuted by the Autorité des marchés financiers (the AMF) for violations of the Securities Act in connection with the distribution of Mount Real products, were recently fined.
Nick Mylonakis fined $70,000
On February 2, 2011, Judge Louise Villemure of the Court of Québec ordered Nick Mylonakis to pay fines totalling $70,000.
On November 22, 2010, Nick Mylonakis was found guilty of aiding Mount Real Acceptance Corporation with illegal distributions on nine occasions, of illegally acting as a securities dealer without being registered as such on 10 occasions and of making misrepresentations on three occasions. Judge Villemure ordered him to pay fines totalling $70,000 for all 22 charges brought against him by the AMF, which was the minimum fine set by the Securities Act.
William Marston fined $104,500
On February 8, 2011, Judge Jean Pierre Boyer of the Court of Québec ordered William Marston to pay fines totalling $79,500. He pleaded guilty to 17 charges: nine charges of aiding Mount Real Acceptance Corporation and MRACS Management Ltd. with illegal distributions and eight charges of illegally acting as a securities dealer without being registered.
Moreover, on the same day, again before Judge Boyer, William Marston was fined an additional $25,000 after pleading guilty to five counts related to Norshield for aiding Balanced Return Fund with illegal distributions.
René Proteau fined $7,000
On February 15, 2011, Judge Claude Parent of the Court of Québec ordered René Proteau to pay fines totalling $7,000. He had previously pleaded guilty to seven charges of illegally pursuing activities as a securities dealer or adviser.
René Proteau was also charged with 21 violations related to illegal distributions in the matter of Norshield.
On January 24, 2007, the AMF filed 619 charges against 24 individuals for acting as representatives in the matter of Mount Real Corporation and its subsidiaries. To date, 20 individuals (Victor Lacroix, Armando Ferruci, Christophe Balayer, Luigi Muro, Anthony Cappellano, Éric Couture, Laraine Lyttle, Yves Tardif, Guy Prescott, Carole Dorion, Sylvie St-Denis, Antonella Niro, Paul Quenneville, Jaime Lao Wan Lian, Francesco Iaconno, Fayza Rifai, René Proteau, Nick Mylonakis, Paul Messier Jr and William Marston) have been found guilty on a total of 516 charges and fined $2,484,000.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial industry.
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