Prépayé ICP - Intercontinental inc. - Carmel Yargeau fined $24,000

Decisions and Freeze and cease trade orders Securities

Montréal – In a decision handed down on December 21, 2009, Judge Sylvie Desmeules of the Court of Québec (Criminal and Penal Division), district of Saint-François, ordered Carmel Yargeau to pay a fine of $24,000.

Carmel Yargeau pleaded guilty to the 6 charges brought against her in October 2008 by the Autorité des marchés financiers (AMF), namely, 3 counts for illegally acting as a securities dealer and 3 counts for aiding Prépayé ICP – Intercontinental inc. to make distributions without a prospectus.

Carmel Yargeau approached investors in late 2003 to invest in the Oméga 3 and Charlie Chaplin projects.

Fines representing triple the minimum fine set out in the Act were imposed for the offences related to illegal practice. The judge noted that: "Ordering the respondent to pay the minimum $1,000 fine would send the message that anyone can act as a securities adviser and avoid penal liability by paying a minimum fine."

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

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