December 10, 2008 Insurance

Montréal – The Autorité des marchés financiers (AMF) has launched penal proceedings against Robert Gagné in the Court of Québec (Criminal and Penal Division), district of Rimouski, and is seeking fines totaling $10,000.

In its suit, the AMF filed charges against Robert Gagné for:

• acting as a representative in insurance of persons without holding a certificate issued for such purpose by the AMF, by advising two clients to cancel the life insurance policy purchased from another insurance company, thereby violating section 12 of the Act respecting the distribution of financial products and services (the "Act") and committing an offence under section 461 of the Act (2 counts);
• using, without being a representative or the holder of a restricted certificate within the meaning of the Act, fraudulent tactics to induce two clients to purchase a financial product, namely, an insurance policy from the Knights of Columbus, thereby violating section 464 of the Act (2 counts).

The AMF is seeking fines that are double the minimum fine set out in the Act due to the objective and subjective seriousness of the offences, for deterrence purposes and to protect the public.

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

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