The Autorité des marchés financiers is seeking to prohibit Stevens Demers from acting as a director or senior executive of an issuer for five years, after he pled guilty to repeatedly failing to fulfill his obligations as a director.

The AMF requested that the Bureau de décision et de révision en valeurs mobilières, the tribunal that hears these cases, ban Demers for five year, and it requested that the BDRVM take any other measure against him to ensure compliance with the provisions of the Québec Securities Act. The hearing before the BDRVM will take place on July 6.

Demers was ordered on April 26 to pay a fine of $77,000 after pleading guilty to 33 counts brought against him in penal proceedings initiated by the Commission des valeurs mobilières du Québec on Oct.7, 2002. He is alleged to have repeatedly failed to fulfill his obligations as a director within the meaning of the Civil Code of Québec.

Demers admitted his guilt to helping an issuer, Enviromondial, to distribute its shares without a prospectus, carrying on business as a dealer without being registered, assisting Enviromondial in contravening a decision by the CVMQ and claiming that the company’s shares would be listed, in violation of the Act.