Mount Real - Paul Quenneville and René Proteau plead guilty

Securities Decisions and Freeze and cease trade orders

Montréal – On October 28, 2010, Paul Quenneville and René Proteau, charged by the Autorité des marchés financiers (AMF) for violating the Securities Act in connection with the distribution of Mount Real products, pleaded guilty before Judge Claude Parent of the Court of Québec.

Paul Quenneville fined $42,000

Paul Quenneville pleaded guilty to 14 charges, namely, seven counts of illegal practice as a securities dealer and seven counts of aiding Mount Real Acceptance Corporation with illegal distributions. Judge Parent imposed fines totalling $42,000 for all 14 counts brought against him by the AMF.

René Proteau pleads guilty

Meanwhile, René Proteau pleaded guilty to seven counts of illegal practice as a securities dealer and adviser. Representations regarding the setting of fines were postponed to December 22, 2010.

René Proteau is also charged with 21 counts of illegal practice as a dealer and illegal distributions in the Norshield matter.

On January 24, 2007, the AMF filed 619 charges against 24 individuals who acted as representatives in the matter of Mount Real Corporation and its subsidiaries. To date, 14 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 and René Proteau (awaiting sentencing)) have been found guilty on 328 charges and were fined a total of $1,573,500.

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

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