Three individuals fined $490,000

Securities

Montréal - Mr. Justice Pierre Labelle, assistant co-ordinating judge at the Montréal Criminal and Penal Division, imposed fines totalling $490,000 on Nino Mario De Santis, Hubert Tom Fournier and Julie Morin in a matter involving illegal practice and illegal distributions.

Judge Labelle approved the joint recommendation of the parties, namely, to impose the minimum penalty on each defendant for each charge.

Specifically, Nino Mario De Santis pleaded guilty to the 64 charges brought against him: eight charges for illegal practice, 51 charges for aiding with a distribution without a prospectus and five charges for stating that the shares of Tectane would be listed on an exchange. As for Julie Morin, she pleaded guilty to the 72 charges brought against her: 24 charges of illegal practice, 36 charges for aiding with a distribution without a prospectus and 12 charges for stating that the shares of Tectane would be listed on an exchange. With respect to Hubert Tom Fournier, he pleaded guilty to the two charges brought against him: one charge for illegal practice and one charge for aiding with a distribution without a prospectus.

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

- 30 -

Information:

Media only:
Sylvain Théberge: 514-940-2176

Information Centre:
Québec City: 418-525-0337
Montréal: 514-395-0337
Toll-free: 1-877-525-0337
www.lautorite.qc.ca
Twitter: @lautorite This link will open in a new window