Decisions and Freeze and cease trade orders Securities

Montréal – In a decision handed down today in the Court of Québec (Criminal and Penal Division), district of Saint-Jérôme, Judge Paul Chevalier found Stevens Demers guilty on the 346 charges brought against him by the Autorité des marchés financiers (AMF) in March and August 2007. The AMF is satisfied with the guilty verdict, which recognizes the merit of the overwhelming evidence it presented.

Under this decision (pdf - 639 KB)This link will open in a new window (available in French only), Stevens Demers was found guilty of violating the Securities Act (R.S.Q., c. V-1.1) (the "Act") by:

  • aiding United Environmental Energy Corporation and Enviromondial International Vanuatu Inc. with the distribution of shares in United Environmental Energy Corporation without a prospectus approved by the AMF, thereby violating  11 of the Act (173 counts);
  • aiding United Environmental Energy Corporation and Enviromondial International Vanuatu Inc. in pursuing activities as a securities dealer without being registered as such with the AMF, thereby violating section 148 of the Act (173 counts).

The fines being sought in the statement of offences issued in March and August 2007 included prison terms and fines totalling over $2.5 million plus costs. Sentencing hearings are scheduled for November 12, 2008.

At the request of the AMF, Québec Superior Court appointed Jean Robillard from the firm Raymond Chabot Grant Thornton as provisional administrator on September 15, 2008 to administer the assets in the matter of Enviromondial.

Stevens Demers and Enviromondial Inc. have been the subject of numerous court decisions and orders.

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

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