December 22, 2008 Securities

Montréal – The Autorité des marchés financiers (AMF) has launched penal proceedings against Jean-Marc Denoncourt, Serge Michaud and Charles D’Entremont. As part of its suit, the AMF filed 12 charges and is seeking fines totaling $144,000.

The AMF filed six charges against Jean-Marc Denoncourt and is seeking fines of $54,000 for:

• acting as a securities dealer without being registered as such with the regulatory authority, thereby violating section 148 of the Securities Act, R.S.Q. c. V-1.1 (the "Act") (3 counts);
• aiding, by act or omission, Technologies et Solutions du Futur (TSF) inc. in making a distribution of a form of investment governed by the Act, namely, shares, without a receipt for a prospectus from the regulatory authority, thereby violating sections 11 and 208 of the Act (3 counts).

The AMF also filed six other charges, three against Serge Michaud and three against Charles D’Entremont, and is seeking fines of $45,000 from each of them for:

• aiding, by act or omission, Technologies et Solutions du Futur (TSF) inc. in making a distribution of a form of investment governed by the Act, namely, shares, without a receipt for a prospectus from the regulatory authority, thereby violating sections 11 and 208 of the Act (3 counts each).

The AMF is seeking fines that are three times higher than the minimum fine set out in the Act for exemplary reasons and deterrent purposes. This fine also reflects the loss incurred by investors.

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

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