Not responsible by reason of mental disorders - AMF appeals decision rendered in respect of Denis Patry

Decisions and Freeze and cease trade orders Securities

Montréal - The Autorité des marchés financiers (the AMF) is appealing before the Superior Court of Québec, the sentence handed down on January 24, 2011 against Denis Patry.

Last month, Judge Claude Millette of the Court of Québec, district of Montréal, found Denis Patry guilty on two charges and sentenced him to pay fines totalling $6,000. However, Denis Patry originally faced 89 charges, including aiding, by act or omission, Les conseillers en valeurs Planiges inc., with making misrepresentations in respect of a transaction in securities on 81 occasions and failing to fulfill an undertaking with the AMF on six occasions.

In his decision, Judge Millette indicated that it had been proven beyond a reasonable doubt that Denis Patry had aided with making misrepresentations to investors and had failed to fulfill an undertaking with the AMF, but [translation] he had been found not responsible by reason of mental disorders.

The AMF conducted a thorough and in-depth analysis of the sentence handed down by Judge Millette and decided to appeal the finding of a lack of criminal liability by reason of mental disorders on 87 counts. As grounds for the appeal, the AMF submitted that Judge Millette erred in law and in fact by concluding that the illegal and fraudulent acts committed by Denis Patry were the result of symptoms of a mental disorder, whereas the evidence showed the voluntary and premeditated nature of his acts.

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

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