Decisions and Freeze and cease trade orders Securities

Montréal – On May 11, 2006, the Bureau de décision et de révision en valeurs mobilières (BDRVM) confirmed its order of March 24, 2005 prohibiting Jacques Gagné from trading in securities and from acting as a securities adviser, pursuant to sections 265 and 266 of the Securities Act.

Further to ads published in a daily newspaper starting in March 2003, Mr. Gagné contacted interested parties and, in at least one case, invested a person’s funds without being registered as a securities adviser with the Autorité des marchés financiers (AMF). Because of the urgency of the situation, the BDRVM decided, on March 24, 2005, that it was in the public interest to issue the order referred to above, without a preliminary hearing. On July 6, 2005, Mr. Gagné exercised his right to a hearing within 15 days following the decision. Further to the hearing, the BDRVM confirmed its decision of March 24, 2005.

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

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