September 24, 2013 Securities

Montréal - The Autorité des marchés financiers (the "AMF") has launched penal proceedings against six individuals involved in the illegal distribution of securities of Millenia Hope. This suit consists of 106 charges for which the AMF is seeking fines totalling $1,677,680.

The investigation led by the AMF shows that investors were solicited through classified ads offering financial help to holders of RRSPs or other registered plans, a common RRSP fraud scheme.

Leonard Stella, the founder of Millenia Hope and its former chairman and CEO, is facing 36 charges for declaring that Millenia Hope's securities would be listed on a stock exchange, making illegal distributions and breaching an undertaking made to the AMF.

The AMF has filed 26 charges against Réginald Alfred Groome, a securities dealer representative at the time of the alleged offences, for illegally distributing the securities of Millenia Hope, making misrepresentations to investors and declaring that the securities would be listed on a stock exchange.

Claude-Yvon Provost, who has been covered by an <link file:25455>order to cease activities as an adviser since November 2007, is facing 24 charges for illegally distributing securities of Millenia Hope, acting illegally as a dealer, making misrepresentations to investors, declaring that the securities would be listed on a stock exchange and breaching a decision of the Bureau de décision et de révision.

The AMF has also filed 12 charges against Mario Paquin, who has been covered by <link file:25456>cease trade and freeze orders in the matter of Carrefour since December 2009, for illegally distributing securities of Millenia Hope, acting illegally as a dealer and making misrepresentations to investors.

Claude Valade, who is also covered by <link file:25373>orders in the matter of Carrefour, was previously <link file:25457>found guilty of illegal practice and aiding with illegal distributions and is awaiting a penal trial for market manipulation, faces five charges for illegally distributing securities of Millenia Hope and acting illegally as a dealer. The AMF has also brought three similar charges against Claude Bossé.

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

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