June 18, 2010 Insurance Decisions and Freeze and cease trade orders

Montréal – The Autorité des marchés financiers (AMF) has suspended the registration of the firms Groupe Empresa inc. and Les Assurances Luc Deguire inc. and fined them a total of $100,000.

The AMF suspended the registration of these firms because it considered that they and their responsible officer, Luc Deguire, no longer possess the degree of honesty or abilities necessary to act with care and competence and are no longer able to oversee the conduct of their representatives or ensure that they are complying in accordance with An Act respecting the distribution of financial products and services (the “Act”) and its regulations.

The AMF’s investigation showed that the firms and Luc Deguire implemented a scheme, developed by Luc Deguire, that was designed to collect and multiply commissions.

In addition to suspending these firms’ registration, the AMF fined them $50,000 each.

The AMF has taken the necessary steps to ensure that the client files of these firms are transferred to representatives and firms duly authorized to pursue activities in the sectors concerned.

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

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