June 21, 2007 Decisions and Freeze and cease trade orders Insurance

Montréal – In a decision handed down on May 31, 2007 by Judge Nathalie Dupperon-Roy of the Court of Québec (Criminal and Penal Division), Options Finances inc. and Rayanak Chiu were ordered to pay a fine in the amount of $6,000.

In its suit, the Autorité des marchés financiers (AMF) filed one charge against Options Finances inc. for violating section 71 of the Act respecting the distribution of financial products and services, R.S.Q. c. D-9.2 (the “Act”):

• by purporting, on its website, to be a financial services firm, but without being registered as such with the AMF.

Moreover, the AMF filed one charge against Rayanak Chiu for violating section 483 of the Act:

• by assisting Options Finances inc. in purporting, on its website, to be a financial services firm, but without being registered as such with the AMF.

The AMF applied for a fine in the amount of $3,000 with respect to each charge, which is triple the minimum fine, for exemplary reasons and the impact on the confidence of investors in the financial markets. The Court ruled in favour of the AMF’s application.

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

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