June 19, 2007 Decisions and Freeze and cease trade orders Insurance

Montréal – Sylvain Desgens was found guilty on June 12, 2007 of five charges brought against him by the Autorité des marchés financiers (AMF) on November 8, 2006. Presiding Justice of the Peace Robert Lanctôt of the Court of Québec (Criminal and Penal Division), district of Ste-Hyacinthe, ordered Mr. Desgens to pay a fine totalling $5,000, plus costs, which is double the minimum fine for exemplary reasons.

Mr. Desgens was found guilty of five charges for violating the Act respecting the distribution of financial products and services, R.S.Q. c. D-9.2 (the “Act”) by acting as a representative in insurance of persons without holding a certificate issued for such purpose by the AMF and offering insurance products, thereby violating sections 3, 12, 461 and 485 of the Act.

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

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