Mount Real Corporation - AMF suspends Champoux, Froment et associés

Decisions and Freeze and cease trade orders Insurance

Montréal – The Autorité des marchés financiers (AMF) has suspended the registration of Champoux, Froment et associés inc. in all sectors in which the firm is or was registered, pursuant to sections 115 and 117 of the Act respecting the distribution of financial products and services.

Champoux, Froment et associés inc. was registered with the AMF in the sectors of insurance of persons and group insurance of persons, and its registration number was 502654.

The reasons for the AMF’s decision in respect of Champoux, Froment et associés are as follows:

  • The firm made misrepresentations or representations that were likely to be misleading;
  • The president, director and majority shareholder of the firm, Marc-André Froment, interfered in an abusive manner in the investigation undertaken in the matter of Mount Real and hindered progress in the matter to the detriment of investors;
  • The firm failed to act with honesty and loyalty in its dealings with clients;
  • On February 7, 2006, the president, director and majority shareholder of the firm, Marc-André Froment, sent an e-mail to investors in which he urged them not to respond to the provisional administrator appointed by the Minister of Finance to administer the assets of a number of companies, including Mount Real Corporation and VM iForum inc.;
  • The protection of investors and the general public required immediate intervention by the AMF.

If Champoux, Froment et associés fails to present satisfactory observations in writing with respect to the above allegations within 15 days of the decision, its registration in all sectors will be permanently cancelled.

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

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Information:

Media only:
Philippe Roy (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, choose option 9 for English, then 1 for industry
Consumers and investors: (877) 525-0337, choose option 9 for English, then 8 for consumers

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