Illegal practice as an insurance of persons representativeAlan Murphy and Jean-François Chouinard fined a total of $320,000
Insurance Decisions and Freeze and cease trade orders
Montréal - On August 26, 2016, Judge Chantale Pelletier of the Court of Québec, district of Québec City, ordered Alan Murphy and Jean-François Chouinard to pay a total of $320,000 in fines relating to the illegal practice as an insurance of persons representative. On April 22, 2016, the respondents were found guilty on 80 charges brought against them by the Autorité des marchés financiers (the "AMF") in a penal proceeding launched in 2012.
Alan Murphy, a former insurance of persons representative, was found guilty on 20 counts for illegal practice as an insurance of persons representative and 20 counts for aiding in making misrepresentations. After noting Mr. Murphy's prior record and pointing out that he is a former financial markets professional and that the offences were committed over several years, Judge Pelletier fined him a total of $180,000.
Jean-François Chouinard, who was registered with the AMF as an insurance of persons representative at the time of the facts at issue, was fined a total of $140,000 for aiding Alan Murphy in acting as such without being registered with the AMF and making misrepresentations on 20 occasions.
Alan Murphy and Jean-François Chouinard have appealed these judgments to the Québec Superior Court. Their appeal will be heard on November 23, 2016.
In February 2011, Mr. Murphy was fined $26,000 after being found guilty of acting illegally as a mutual fund representative on 26 occasions. That judgment was upheld by the Superior Court after Mr. Murphy appealed his guilty verdict.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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