Insurance Decisions and Freeze and cease trade orders
Montréal - On October 17, 2013, at the request of the Autorité des marchés financiers (the "AMF") and the Chambre de la sécurité financière (the "Chambre"), the Bureau de décision et de révision (the "Bureau") handed down a decision suspending the right of Richard Langlois to practise insurance of persons and group insurance of persons (certificate No. 119 135) and freezing his personal assets based on allegations of embezzlement. The purpose of this decision is to protect the public on an urgent basis.
It appears from the investigation that Richard Langlois misappropriated over $97,000 belonging to one of his clients by submitting requests to redeem investments, using his client's forged signature and asking that the money be deposited in his personal bank account.
The Bureau allowed the AMF's application and rendered an order freezing the funds, securities and other assets of Richard Langlois, including his bank accounts and personal residence. It also allowed the Chambre's application and ordered the suspension of Mr. Langlois' representative's certificate until a decision is rendered on the merits by the Chambre's Disciplinary Committee. In this regard, on October 15, 2013, the Chambre's syndic filed a motion for the provisional cancellation of Richard Langlois' registration so the Disciplinary Committee could hear all the parties.
The Bureau rendered an immediate decision in the respondent's absence based on arguments by the AMF and the Chambre regarding the seriousness of the allegations and concern that Richard Langlois would continue his illegal activities, that the sums held in his accounts would be dissipated or that he would dispose of, hypothecate or encumber his assets, rendering any action instituted against him futile.
In its decision, the Bureau notes that the allegations made against Richard Langlois are extremely serious, including that he:
- misappropriated on five occasions a total of $97,683.60 of funds entrusted to him by his client;
- deposited the entire amount in a personal account in his name;
- committed the alleged actions when he was the officer responsible for the firm for which he was registered;
- misled his partner;
- was found guilty in 1995 of actions similar to those alleged against him in this matter.
Message to Richard Langlois' clients
Richard Langlois' clients are urged to contact Guy Jetté et associés directly if they have any questions regarding their policy. Clients who believe they have been harmed by Mr. Langlois' actions should report their concerns and, if necessary, contact the AMF's Information Centre andfile a complaint This link will open in a new window with the Chambre.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
The mission of the Chambre de la sécurité financière is to protect consumers by maintaining discipline and overseeing the training and ethics of its members.
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Information (media only):
Autorité des marchés financiers
Sylvain Théberge: 514-940-2176
Québec City: 418-525-0337
@lautorite This link will open in a new window
Chambre de la sécurité financière
Bruno Leblanc: 514-282-5777, ext. 2233
300, rue Léo-Pariseau
@chambresf This link will open in a new window