AMF files 23 charges against Christian Turcotte
Insurance Securities
Montréal - The Autorité des marchés financiers (the "AMF") has filed 23 charges against Christian Turcotte for illegal practice as a dealer, aiding with a distribution and making a distribution without a prospectus, making misrepresentations and breaching a decision rendered by the Bureau de décision et de révision (the "Bureau"). 6510787 Canada Inc. was also charged with one count of making a distribution without a prospectus.
Christian Turcotte and the company face a minimum fine of $109,000 and $5,000 respectively.
The AMF's investigation showed that four investors were solicited by Christian Turcotte when he was or planned to become their insurance of persons representative or mutual fund dealer. The respondent purportedly asked them to invest in order to finance his acquisition of the insurance clientele of a representative approaching retirement. The contract for the purchase of preferred shares signed with Mr. Turcotte provided that they would earn 15% interest.
The investigation also showed that three other investors were solicited by Christian Turcotte to purchase shares of two companies.
In March 2014, Mr. Turcotte also purportedly solicited another individual to invest in a company set up to raise funds.
In all, seven individuals invested a total of $172,000, most of which will not be recovered.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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