April 5, 2004 Securities Decisions and Freeze and cease trade orders

Montréal – On March 10, 2004, at the request of the Agence nationale d’encadrement du secteur financier (also known by the name of “Autorité des marchés financiers” or “AMF”), the Bureau de décision et de révision en valeurs mobilières (BDRVM) renewed for ninety days the freeze order initially issued by the Commission des valeurs mobilières du Québec (the "Commission") on  23, 2002 against Forex Canada NTS Inc. (Forex) and its president Dominic Longpré. Pursuant to this decision, neither Mr. Longpré nor Forex may withdraw, appropriate or dispose of funds in their possession or under their control and which belong to investors having purchased foreign currency futures contracts issued by Forex.

This freeze order was renewed because of the arguments raised by the bankruptcy trustee in this matter. Recall that in May 2003, Commission staff had been advised of a declaration of bankruptcy and of the appointment of a trustee regarding both Forex and Mr. Longpré.

Note that the initial freeze order was previously renewed on August 19 and November 13, 2002 as well as on February 10, May 6, July 28, October 31 and December 2, 2003.

To read press releases previously published in this matter, please consult the AMF’s website, under the heading Access to the sites of the organizations merged into the Autorité. Click on the link to the Commission des valeurs mobilières du Québec (CVMQ), then on the link to the CVMQ’s archived press releases.

Established on February 1, 2004, the Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector. The AMF brings together the Commission des valeurs mobilières du Québec, the Bureau des services financiers, the Régie de l’assurance-dépôts du Québec, the Fonds d’indemnisation des services financiers and the Inspector General of Financial Institutions.

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Information:

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