Securities Decisions and Freeze and cease trade orders

Montréal – The Honourable Judge Michel Beauchemin, of the Court of Québec (Criminal and Penal Division) in the district of Drummondville, has found Michel Ducharme, Éric Pesenti and Paul Billette guilty of violating the Québec Securities Act.

On August 18, 2004, the Autorité des marchés financiers (AMF) had launched penal proceedings against Michel Ducharme, who was accused of acting as a securities dealer without being duly registered as such, as well as Paul Billette and Éric Pesenti, who were accused of assisting Club de placement Gestimum inc. in the distribution of its shares without a prospectus for which a receipt was obtained.

As a result of the verdict, Michel Ducharme has been ordered to pay a total fine of $30,000 for carrying on business as a broker without being duly registered. Éric Pesenti was ordered to pay a fine of $60,000 for helping in the distribution of the shares of Club de placement Gestimum without a prospectus. Paul Billette was ordered to pay $10,000 for helping in the distribution of the shares of Club de placement Gestimum without a prospectus.

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

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Information:

Media only:
Cynthia Tremblay (514) 395-0558, ext. 2345
Issuers, dealers, advisers and representatives: (877) 525-0337, choose option 9 for English, then 1 for industry
Consumers and investors: (877) 525-0337, choose option 9 for English, then 8 for consumers