Progressive Management Limited - Four individuals fined $412,000

Decisions and Freeze and cease trade orders Securities

Montréal - Anthony Riccio, Giuseppe (Joe) Iaboni, Lance Townend and Karen Dance, all of whom were the subject of legal proceedings launched by the Autorité des marchés financiers (AMF) in January 2011 in connection with illegal distributions related to Progressive Management Limited, were recently fined a total of $412,000.

A total of $295,000 in fines for Anthony Riccio

On June 12, 2012, Justice of the Peace Gaby Dumas of the judicial district of Terrebonne ordered Anthony Riccio to pay a total of $295,000 in fines. In May 2012, Mr. Riccio had pleaded guilty to 26 counts associated with illegal distributions related to Progressive Management Limited.

More specifically, the AMF claimed that Anthony Riccio aided Progressive Management Limited in making illegal distributions (nine counts), illegally acted as a securities dealer or adviser (fifteen counts) and made a misrepresentation in respect of a transaction in a security by stating that the investment was guaranteed or risk-free (two counts).

A total of $110,000 in fines for Giuseppe Iaboni

On June 13, 2012, Justice of the Peace Serge Cimon of the judicial district of Montréal ordered Giuseppe Iaboni to pay a total of $110,000 in fines. Mr. Iaboni pleaded guilty to 38 charges, namely, 20 counts of illegal practice as a securities dealer or adviser and 18 counts for aiding Progressive Management Limited with illegal distributions.

A $6,000 fine for Lance Townend

On June 13, 2012, Justice of the Peace Serge Cimon of the judicial district of Montréal also ordered Lance Townend to pay a $6,000 fine. Mr. Townend pleaded guilty to one charge of illegal practice as a securities dealer.

A $1,000 fine for Karen Dance

On April 26, 2012, Justice of the Peace Josée De Carufel of the judicial district of Montréal fined Karen Dance $1,000. Ms. Dance pleaded guilty to one charge of pursuing practice as a securities dealer without being registered.

In January 2011, the AMF launched proceedings against eight individuals associated with illegal distributions related to Progressive Management Limited. So far, only the proceedings involving Anthony Riccio, Giuseppe (Joe) Iaboni, Lance Townend and Karen Dance have been completed.

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

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