Québec Court rules appeal by Jacques Gagné unfounded

Decisions and Freeze and cease trade orders Securities

Montréal– In a decision handed down on February 16, 2007, Madam Justice Diane Quenneville of the Court of Québec (Civil Division of the district of Montréal) dismissed the motion filed by Jacques Gagné to extend the time period for filing a factum as part of his appeal of a decision issued by the Bureau de décision et de révision en valeurs mobilières (BDRVM). The appeal was ruled to be unfounded and therefore the motion was dismissed.

Because of the urgency of the situation, the BDRVM decided on March 24, 2005 that it was in the public interest to prohibit Mr. Gagné from trading in securities and from acting as a securities adviser, pursuant to sections 265 and 266 of the Securities Act. On July 6, 2005, Mr. Gagné exercised his right to a hearing within 15 days following the decision. Further to the hearing, the BDRVM upheld, on May 11, 2006, its decision of March 24, 2005. On June 12, 2006, Mr. Gagné filed an appeal with the Court of Québec.

Further to ads published in a daily newspaper starting in March 2003, Mr. Gagné contacted interested parties and, in at least one case, invested a person’s funds without being registered as a securities adviser with the Autorité des marchés financiers (AMF).

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

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