January 13, 2009 Insurance

Montréal – The Autorité des marchés financiers (AMF) has launched penal proceedings against Alan Murphy in the Court of Québec (Criminal and Penal Division), district of Québec City, and is seeking fines totalling $145,000.

In its suit, the AMF filed 29 charges against Alan Murphy for:

• acting as a group savings plan representative without holding the appropriate certificate issued by the AMF, thereby violating section 12 of the Act respecting the distribution of financial products and services (the "Act") and committing the offence under section 461 of the Act (26 counts);
• acting as an insurance of persons representative without holding the appropriate certificate issued by the AMF, thereby violating section 12 of the Act and committing the offence under section 461 of the Act (1 count);
• acting as a scholarship plan representative without holding the appropriate certificate issued by the AMF, thereby violating section 12 of the Act and committing the offence under section 461 of the Act (2 counts).

The AMF is seeking fines totalling ten times the minimum fine prescribed under the Act in light of aggravating circumstances, including the seriousness of the offences.

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

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