January 27, 2009 Insurance

Montréal – The Autorité des marchés financiers (AMF) has launched penal proceedings against Pierre Paquin in the Court of Québec (Criminal and Penal Division), district of Rouyn-Noranda, and is seeking fines totalling $41,000.

In its suit, the AMF has filed 41 charges against Pierre Paquin for:

• acting, between October 1, 2004 and April 2, 2008, as a claims adjuster without being registered for such purpose with the AMF, thereby violating section 12 of the Act respecting the distribution of financial products and services (the "Act"), and committing an offence under section 461 (38 counts);
• using, between October 1, 2004 and April 2, 2008, the title of claims adjuster without being registered with the AMF, thereby violating section 12 of the Act, and committing an offence under section 465 of the Act (3 counts).

In light of the aggravating circumstances in this matter, including the many instances of misconduct, and the subjective seriousness of the offences, the fines being sought are twice the minimum amount prescribed by law.

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

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