Montréal - The Autorité des marchés financiers (the AMF) has launched a penal proceeding against Alan Murphy and Jean-François Chouinard. It has charged Alan Murphy with 21 counts for aiding Jean-François Chouinard in making misrepresentations to a Québec insurer and 22 counts for using a reserved title or acting illegally as a representative in insurance of persons. In a related matter, the AMF has charged Jean-François Chouinard with 21 counts for making misrepresentations to an insurer and 21 counts for aiding Alan Murphy in acting illegally as a representative in insurance of persons. In all, the AMF has filed 85 charges against these two individuals and intends to seek a total of $487,000 in fines.
The AMF's investigation revealed that Alan Murphy personally met with several investors wishing to purchase segregated funds offered by a Québec life insurance company. As he was not registered with the AMF to carry on this activity legally, Mr. Murphy allegedly attempted to conceal his actions from the insurance company by acting through Jean-François Chouinard, whose documents indicated that he was the financial security adviser in connection with the transactions. In fact, Jean-François Chouinard practically never met with the investors in question.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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