Misappropriation of funds remitted for insurance premiumsAMF files charges against Charlito Hael
Insurance
Montréal – The Autorité des marchés financiers (AMF) has launched legal proceedings in the judicial district of Montréal against Charlito Hael for offences committed under the Act respecting the distribution of financial products and services.
A total of 16 counts were filed: 11 counts of making a misrepresentation to a client, three counts of granting or agreeing to grant a premium rebate that did not appear in the insurance contract issued by the insurer, and two counts of contravening the trading instructions of a client or failing to execute transactions requested by a client.
Further to an application filed by the AMF, the Financial Markets Administrative Tribunal issued various orders against Charlito Hael in May 2017.
A judgment was rendered on June 19, 2019 in this matter.
The Autorité des marchés financiers is the regulatory and oversight body for Québec’s financial sector.
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