September 10, 2004 Securities

Montréal – The Agence nationale d’encadrement du secteur financier (also known as the “Autorité des marchés financiers” or “AMF”) is launching penal proceedings against Daniel Bélanger (7 counts) and Michel Galipeau (12 counts) before the Court of Québec (Criminal and Penal Division), in the judicial district of Montréal.

 Bélanger is accused of acting as a securities adviser within the meaning of section 5 of the Securities Act (the “Act”), without being registered as such with the Commission des valeurs mobilières du Québec, by managing, under a mandate, a securities portfolio in violation of section 148 of the Act, thereby committing an offence and being liable to the penalty provided for under section 202 of the Act. If found guilty, he will face a minimum penalty of $136,000, plus costs.

Michel Galipeau is accused of assisting Groupe Albatros international inc., through an act or omission, in carrying on business as a securities adviser within the meaning of section 5 of the Securities Act (the “Act”), without being registered as such with the Commission des valeurs mobilières du Québec, by managing, under a mandate, a securities portfolio, in violation of section 148 of the Act, thereby committing an offence under section 202 of the Act, with reference to section 208, and being liable to the penalty under section 202 of the Act. If found guilty, he will face a minimum penalty of $262,000, plus costs.

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:

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