The Autorité des marchés financiers announced that it has launched penal proceedings in the Court of Québec (Criminal and Penal Division) against Steven Demers, seeking more than $1.2 million in fines.

In its suit, the AMF filed 162 charges against Demers for alleged violations of the Securities Act, including: 81 charges related to allegations that he assisted United Environmental Energy Corp. and Enviromondial International Vanuatu Inc. with the distribution of the securities of United Environmental Energy without a prospectus approved by the AMF; and, 81 charges concerning allegations that he assisted the firms in acting as a securities dealer without being registered.

None of these allegations have been proven.

The AMF says that on the charges of distributing securities without a prospectus it is seeking a fine of $810,000, plus costs. On the other charges, it is seeking a $405,000 fine, plus costs.