October 21, 2015 Decisions and Freeze and cease trade orders Securities

Montréal - On September 22, 2015, at the request of the Autorité des marchés financiers (the "AMF"), the Bureau de décision et de révision (the "Bureau") issued orders and imposed a total of $38,500 in fines. Valeriu Lazarescu was fined $27,000 and Lazarescu Fund Management Inc. was fined $11,500 for various offences related to the illegal operation of an investment fund.

Valeriu Lazarescu, a university student in administration and finance at the time of the facts at issue, founded Lazarescu Fund Management Inc. in 2012. For over seven months, he was illegally engaged in the creation, management and sale of units of an investment fund without filing a prospectus with the AMF and without registering as a securities dealer. The operation of the fund led to a loss of over $20,000 for investors who responded to Mr. Lazarescu's solicitations.

The orders issued by the Bureau prohibit Valeriu Lazarescu from carrying on business as a securities adviser and investment fund manager. The Bureau also prohibited him from trading in securities, with the exception of trades on his own behalf through a registered dealer.

Lazarescu Fund Management Inc. was also prohibited from carrying on business as an investment fund manager and from trading in securities.

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

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