March 20, 2009 Securities

Montréal – The Autorité des marchés financiers (AMF) has instituted penal proceedings against Michel Lebel, Roger Boileau and Rocco Di Stefano in the Court of Québec (Criminal and Penal Division), district of Montréal.

In its suit against Michel Lebel, the AMF has filed 7 charges and is seeking $105,000 in fines for:

• aiding, by act or omission, Sodexin Capital Inc. with the distribution of a form of investment governed by the Securities Act (the “Act”), namely, promissory notes, without a prospectus approved by the Commission des valeurs mobilières du Québec, thereby contravening section 11 of the Act and committing an offence under section 202 thereof, with reference to section 208 of the Act.

The AMF is also filing 7 charges against Roger Boileau and seeking $105,000 in fines for:

• aiding, by act or omission, Sodexin Capital Inc. with the distribution of a form of investment governed by the Act, namely, promissory notes, without a prospectus approved by the Commission des valeurs mobilières du Québec, thereby contravening section 11 of the Act and committing an offence under section 202 thereof, with reference to section 208 of the Act.

As regards Rocco Di Stefano, the AMF is filing 7 charges and seeking $69,000 in fines for:

• carrying on business as a securities dealer without being registered as such with the Commission des valeurs mobilières du Québec, by distributing a form of investment subject to the Act, thereby contravening section 148 thereof and committing an offence under section 202 of the Act; (3 counts);
• aiding, by act or omission, Sodexin Capital Inc. with the distribution of a form of investment governed by the Act, namely, promissory notes, without a prospectus approved by the Commission des valeurs mobilières du Québec, thereby contravening section 11 of the Act and committing an offence under section 202 thereof, with reference to section 208 of the Act (3 counts);
• making misrepresentations about a securities transaction, thereby contravening section 197 of the Act (1 count).

In light of the losses incurred by investors, the need to set an example, the need for general deterrence, the position of trust involved, and the nature and duration of the offences, the AMF is seeking three times the minimum fines prescribed by law.

The AMF has already instituted two other penal proceedings against Rocco Di Stefano, one in February 2008 for 46 offences, and another in March 2009 for 40 offences. The AMF is seeking $414,000 and $372,000 in fines, respectively.

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

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