AMF launches civil proceedings against Constant Vanier
Securities
Montréal – The Autorité des marchés financiers (AMF) launched civil proceedings on June 27, 2005 against Constant Vanier before the Superior Court in the district of Saint-François. The AMF is claiming a total of $248,170.51 from Mr. Vanier pursuant to its legal and conventional recourse in subrogation under section 277 of An Act respecting the distribution of financial products and services.
The AMF alleges in particular that, between November 23 1999 and June 17, 2002, seven claimants made a total investment of $420,157.48 with the representative’s firm, Services financiers Constant Vanier, based on the representative’s recommendations. Mr. Vanier recommended that the claimants invest in a guaranteed income certificate issued by his firm as protection against market fluctuations.
Using the amounts collected from clients, Mr. Vanier and his firm Services financiers Constant Vanier apparently purchased new funds and registered them in the name of the firm, thereby embezzling the funds for their own benefit. Moreover, Mr. Vanier suggested to the claimants that he could guarantee rates of income, thereby failing to act with honesty, care and competence.
Between October 7, 2002 and June 9, 2003, the Fonds d’indemnisation des services financiers (now replaced by the AMF) received applications for compensation from the claimants. The AMF allowed the claims for compensation and a total of $248,170.51 was paid to the claimants in order to compensate for the injury directly incurred as a result of the reprehensible conduct of Mr. Vanier and the firm Services financiers Constant Vanier. Subrogated in the rights of the victims, the AMF is therefore launching proceedings against Mr. Vanier to recover the amount of $248,170.51 paid to the claimants.
The AMF is the regulatory and oversight body for Québec’s financial sector.
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