Illegal practice and distributions - AMF FILES SUIT AGAINST HERSHEY ROSEN AND
SEEKS $810,000 IN FINES AND PRISON TERM

MONTREAL, Dec. 14 2010 /CNW Telbec/ - The Autorité des marchés financiers (AMF) has launched a penal proceeding against Hershey Rosen in the Court of Québec, district of Montréal, and is seeking $810,000 in fines and a prison term in connection with this matter.

The AMF alleges that Hershey Rosen made illegal distributions and acted illegally as a securities dealer on 11 occasions. Hershey Rosen also charged with making misrepresentations in respect of securities on three occasions by telling certain investors that their investments were guaranteed.

The AMF investigation showed that six investors had invested approximately $829,000 with Hershey Rosen. They gave him cheques issued in his name or that of his company, Conseillers Brydere/Brydere Advisers, with the expectation of obtaining a maximum annual return of 24%.

The AMF is seeking fines that are ten times the minimum fine set out in the Act owing to the objective and subjective seriousness of the offences, in particular for general deterrence purposes, for exemplary reasons and in order to protect investors. In determining the penalty, including a prison term, the AMF also took into account the fact that Hershey Rosen was the main instigator of the scheme. In addition, for 12 of the 25 charges, the AMF considered embezzlement as an aggravating factor.

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

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

For further information:

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