Quebec-based investment firm fined for advising in B.C. without registration

    VANCOUVER, Oct. 2 /CNW/ - The British Columbia Securities Commission has
settled with a Quebec-based investment firm that agreed to pay $19,825 in
fines and fees for advising clients without being registered.
    Lester Asset Management Inc., an investment counsel and portfolio manager
registered in Quebec, admitted in a settlement agreement with the BCSC that it
provided investment advice to as many as three B.C. clients without
registration under the Securities Act from 1999 to Oct. 30, 2007.
    Under the settlement agreement, Lester agreed to pay a $6,000 fine and
$13,825 for registration fees that otherwise would have been payable to the
BCSC if the firm had been registered.

    The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the province.
You may view the settlement on our website by typing in the
search box, Lester Asset Management Inc. or 2008 BCSECCOM 531. If you have
questions, contact Ken Gracey, Media Relations, 604-899-6577.

    Learn how to avoid investment fraud at the BCSC's investor education

For further information:

For further information: Ken Gracey, (604) 899-6577 or (B.C. & Alberta)

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