Mount Real - Enrico Bruni acquitted

Decisions and Freeze and cease trade orders Securities

Montréal – On April 18, 2008, Québec Court Judge Gilles Parent (Criminal and Penal Division), district of Montréal, acquitted Enrico Bruni of the 9 charges filed against him by the Autorité des marchés financiers (AMF). The judge concluded that contradictory testimonies raised reasonable doubt in the case, resulting in the acquittal.

Enrico Bruni faced 9 charges for:

  • acting as a dealer or adviser without being registered with the AMF, thereby violating section 148 of the Securities Act (the "Act") (2 counts);
  • aiding, by act or omission, Mount Real Acceptance Corporation and Mount Real Corporation with the distribution of a form of investment governed by the Act, namely, debt securities issued by the above-mentioned companies, without a prospectus approved by the AMF, thereby violating sections 11 and 208 of the Act (7 counts).

On January 24, 2007, the AMF filed 619 charges against 24 individuals involved at various levels in the matter of Mount Real Corporation and its affiliates. To date, four individuals (Victor Lacroix, Armando Ferruci, Christophe Balayer and Luigi Muro) have been found guilty, for a total of 134 charges and $802,000 in fines.

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

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