The Autorité des marchés financiers reports that a Quebec court has found Stevens Demers guilty on the 346 charges brought by the AMF alleging improper distributions and acting without registration.

The AMF announced that in the Court of Québec (Criminal and Penal Division), district of Saint-Jérôme, Judge Paul Chevalier found Demers guilty on the charges — 173 counts of aiding two firms (United Environmental Energy Corporation and Enviromondial International Vanuatu Inc.) in carrying out a distribution without a prospectus and 173 counts of aiding them in acting as securities dealers without registration — brought by the AMF in March and August of 2007.

The regulator said that it is satisfied with the guilty verdict, “which recognizes the merit of the overwhelming evidence it presented.”

It is seeking prison terms and fines totalling more than $2.5 million plus costs. Sentencing hearings are scheduled for Nov. 12.