Montréal1 - The Autorité des marchés financiers (AMF) has launched penal proceedings against eight individuals in connection with the matter of Progressive Management Limited and is seeking fines totalling $2,155,000.

More specifically, the AMF filed 123 charges against Jacques Caya, who it alleges illegally pursued activities as a securities dealer on 64 occasions, aided Progressive Management Limited with illegal distributions on 53 occasions and made misrepresentations on six occasions. The AMF intends to seek fines totalling $1,077,000 with respect to Jacques Caya, a former insurance of persons representative.

The AMF also filed charges against seven other individuals for illegally acting as securities dealers and advisers, aiding with illegal distributions and/or making misrepresentations. Anthony Riccio faces 26 charges in respect of which the AMF is seeking $420,000 in fines. Guiseppe (Joe) Iaboni faces 53 charges and fines of $322,000. Gennaro Natale faces 19 charges and fines of $165,000. Pierre Potvin faces 11 charges and fines of $105,000. Lance Townend faces two charges and fines of $36,000. Pietro (Pierre) Amato faces four charges and fines of $24,000. Karen Dance faces one charge and fines of $6,000.

Further to its investigation, the AMF was not able to determine the exact amount of the loss incurred by the 76 investors involved. However, most of the investors did not recover all of their initial investment. Investors were told that Progressive Management Limited, a company located in the Bahamas whose operations and structure are similar to those of a bank, could offer between 10% and 18% interest on one- or three-year investments.

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

- 30 -


Media only:
Sylvain Théberge: 514-940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337

Additional news