Decisions and Freeze and cease trade orders Insurance
Montréal – At the request of the Autorité des marchés financiers (AMF), the Bureau de décision et de révision en valeurs mobilières (BDRVM) has issued freeze orders against Corporation services de gestion Mount Real, Corporation de capital Mount Real, La corporation Mount Real Auto plus, Services Mount Real inc., La corporation de services de gestion financière Mount Real, Marché de capitaux Mount Real ltée, Mount Real Management LTD, Real Credit Corporation, Mount Real International LTD, Real Reader Inc., and My Comptroller Services Inc. These are conservatory measures intended to protect investors.
On November 10, 2005 the BDRVM issued freeze and cease trading orders against the targeted entities and related companies (Gestion MRACS ltée, Real Vest Investments Ltd, and Real Assurance Acceptance Corporation) and a number of directors (Lino P. Matteo, Laurence Henry, Joseph Pettinicchio, Andris E. Spura, Paul D’Andrea, Laraine Lyttle and Lowell Holden).
At the request of the AMF and further to the BDRVM’s recommendation, the Québec Finance Minister appointed Jean Robillard from the firm Raymond, Chabot, Grant, Thornton as the provisional administrator to administer the assets of Mount Real Corporation, Valeurs mobilières iForum and Services financiers iForum.
As previously stated, the AMF has serious reservations, based on the information gathered, regarding the actual value of the securities guaranteed by Mount Real Corporation and its related companies in the amount of $65 million. In addition, fifteen complaints have been filed to date with the AMF by investors who claim they have been unable to obtain interest on these notes or their principal.
In June 2005, the AMF announced that an investigation into the financial operations of Mount Real Corporation was under way. Furthermore, the AMF is seeking to establish the nature of the relationships between Mount Real Corporation and Norshield. Also last June, a receiver was appointed in the Norshield matter in co-operation with the Ontario Securities Commission.
The AMF is continuing with its investigation to identify the role played by each person connected to the many offences that have been uncovered and to determine whether any penal proceedings will be launched.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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Philippe Roy (514) 940-2176
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Consumers and investors: (877) 525-0337, choose option 9 for English, then 8 for consumers