Cancellation and penalty against Les Services Toyoko Inc.

Decisions and Freeze and cease trade orders Insurance

Montréal – In a decision issued on February 25, 2009, the Autorité des marchés financiers (AMF) ordered the cancellation of the registration of Les Services Toyoko Inc., formerly registered in the insurance of persons, group savings plan brokerage and scholarship plan brokerage sectors, and imposed a fine on the firm in the amount of $50,000. Concerned about a number of factors, the AMF took action to protect the public interest.

The AMF noted numerous violations of the Act respecting the distribution of financial products and services (the "Act") and its regulations, for the following reasons in particular:

  • failing to adequately supervise its representatives by not overseeing their conduct and not ensuring that they comply with the Act and its regulations;
  • making misrepresentations to the AMF regarding the firm's actual situation;
  • hindering the work of AMF inspectors by misleading them;
  • the firm's responsible officer did not possess the required degree of honesty.

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

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