March 17, 2008 Insurance

Montréal – The Autorité des marchés financiers (AMF) has launched penal proceedings in the Court of Québec (Criminal and Penal Division, district of Sainte-Hyacinthe) against Daniel Racette.

As part of the proceedings, the AMF filed 10 charges against Daniel Racette for violating the Act respecting the distribution of financial products and services, R.S.Q.  D-9.2 (the "Act"), by purporting to be a damage insurance broker for the firm Denis  inc., whereas he was not attached to this firm, thereby violating sections 12 and 14 of the Act and committing an offence under section 461 of the Act.

The AMF is seeking a total fine of $5,000 plus costs for these 10 charges.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.

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