July 9, 2004 Insurance

Montréal – The Agence nationale d’encadrement du secteur financier (also known as the “Autorité des marchés financiers” or “AMF”) is instituting penal proceedings against Victor Darac before the Court of Québec (Criminal and Penal Division), in the judicial district of Beauce.

Victor Darac faces seventeen (17) counts of having violated the Québec Act respecting the distribution of financial products and services. Specifically, he is accused of acting as a representative in insurance of persons within the meaning of section 3 of the Act without holding a certificate authorizing him to act as a representative in insurance of persons.

If Mr. Darac is convicted on all counts, he will be ordered to pay a minimum fine of $8,500.

Established on February 1, 2004, the Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector. The AMF consists of the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l’assurance-dépôts du Québec, the Fonds d’indemnisation des services financiers and the Inspector General of Financial Institutions.

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Information:

Journalists only:
Philippe Roy (514) 940-2176
Issuers, dealers, advisers and representatives: (877) 525-0337, dial 9 for English, then dial 1 for industry
Investors: (877) 525-0337, dial 9 for English,then dial 2 for consumers