The Autorité des marchés financiers says it will appeal a court decision and seek a prison term for a corporate officer found guilty of helping arrange an illegal distribution.

The AMF reports that on December 14, Stevens Demers, an officer and shareholder of Enviromondial inc., was found guilty on 25 counts by Judge Claude Millette of the Court of Québec, Criminal and Penal Division. He was ordered to pay $89,000, plus costs.

“However, because of the serious nature of the facts in this case,” the AMF says it intends to appeal the sentence and continue to call for a prison term against Demers.

It notes that Demers had been found guilty of assisting Enviromondial with distributing its shares without a prospectus approved by the Commission des valeurs mobilières du Québec; and, assisting Enviromondial with violating a decision rendered by the commission that prohibited the company from carrying on any activity for the purpose of distributing its shares.