MONTREAL, Nov. 19 /CNW/ - Following a disciplinary hearing held on March 5, 6, 7, 8 and 9, 2007 in Montreal, Quebec, a Hearing Panel of Market Regulation Services Inc. ("RS") found that Luc St-Pierre (the "Respondent"):

(a) Between February 2, 2005 and March 31, 2005, Luc St-Pierre knowingly
    facilitated or participated in manipulative or deceptive trading
    methods with respect to the entry of orders to trade on the TSX
    Venture Exchange covering the purchase of shares of Halo Resources
    Ltd. ("Halo"), which created, or which could reasonably have been
    expected to create, an artificial price for the security, contrary to
    Rule 2.2 of the UMIR;
(b) Between April 1, 2005 and May 19, 2005, Luc St-Pierre entered orders
    on the TSX Venture Exchange to purchase Halo shares, when he knew, or
    ought reasonably to have known, that the entry of these orders would
    create, or could reasonably be expected to create, an artificial last
    sale price for the security, contrary to Rule 2.2 of the UMIR;
(c) Between October 21, 2004 and March 31, 2005, Luc St-Pierre knowingly
    facilitated or participated in manipulative or deceptive trading
    methods with respect to the entry of orders to trade on the TSX
    Venture Exchange covering the purchase of shares in Golden Hope Mines
    Ltd. ("Golden Hope"), which created, or which could reasonably have
    been expected to create, a false or misleading appearance of trading
    activity in this security, contrary to Rule 2.2 of the UMIR; and
(d) Between April 1, 2005 and September 30, 2005, St-Pierre entered
    orders on the TSX Venture Exchange for the purchase of Golden Hope
    shares when he knew, or ought reasonably to have known, that the
    entry of these orders would create, or could reasonably be expected
    to create, a false or misleading appearance of trading activity in
    the security, contrary to Rule 2.2 of the UMIR.
The Hearing Panel issued its Decision and Reasons on November 30, 2007. In
a separate penalty decision dated August 18, 2008, the Hearing Panel imposed
the following penalty against the Respondent:
(a) A fine of $30,000;
(b) Suspension of access to all marketplaces regulated by IIROC for a
    period of 5 years;
(c) Successful completion of the Conduct and Practices Handbook
    examination before the Respondent may be employed with a Participant;
    and
(d) Subject to heightened supervision for the length of the 5 year
    suspension if employed with a Participant.

The Hearing Panel also ordered the Respondent to pay part of the costs incurred by RS, in the amount of $70,000.

RS formally initiated the investigation into the Respondent's conduct on May 30, 2005. The violations occurred when the Respondent was a Registered Representative with Union Securities Ltd. The Respondent is no longer a registrant with an IIROC regulated firm.

The Hearing Panel's Decisions and Reasons are available at www.iiroc.ca.

IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.