Progressive Management Limited - A fifth individual found guilty

Decisions and Freeze and cease trade orders Securities

Montréal - On September 4, 2012, before Justice of the Peace Gaby Dumas of the Court of Québec for the district of Laval, Pierre (Pietro) Amato pleaded guilty to two charges of pursuing activities as a securities dealer without being registered as such. Justice Dumas fined him $2,000.

In January 2011, the Autorité des marchés financiers (the "AMF") launched proceedings against eight individuals in connection with illegal distributions related to Progressive Management Limited. So far, the proceedings against five respondents-Anthony Riccio, Giuseppe (Joe) Iaboni, Lance Townend, Karen Dance and Pierre (Pietro) Amato-have been completed.

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

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