Montréal - At the request of the Autorité des marchés financiers ("AMF"), the Bureau de décision et de révision ("Bureau") recently issued a decision to freeze the bank accounts and assets of Christian Turcotte, an insurance of persons and mutual fund representative in Sherbrooke, based on allegations of misappropriation of funds and forgery.
The AMF made this request to the Bureau in order to prevent the funds unlawfully obtained by Christian Turcotte from being exhausted during its investigation. It also requested that Christian Turcotte's right to practise be suspended immediately to ensure that he does not solicit other investors. This request was granted by the Bureau.
The Bureau considered the information obtained to date by the AMF alleging that Christian Turcotte had, over the course of the year, misappropriate funds belonging to one of his clients by entering into a sales contract for preferred shares worth $50,000, promising annual interest of 15%, in order to acquire another representative's clientele. Based on the information available, the AMF believes that Christian Turcotte employed this modus operandi with other investors in the past few months.
Christian Turcotte has asked to be heard by the Bureau. His hearing will take place on January 16, 2014.
Message to investors
If you believe you have been the target of such a scheme, contact the AMF immediately.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial sector.
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