Carole Morinville - AMF to launch recourse for over $1,650,000


Montréal - The Autorité des marchés financiers (the "AMF") has filed two motions in Superior Court seeking authorization to launch a recourse in the amount of $1,659,440 against former insurance representative Carole Morinville and 9068-3442 Québec inc.

The recourse, pursuant to An Act respecting the distribution of financial products and services, aims to recover from the guilty parties all or part of the funds paid to the 32 victims compensated in this matter. The amounts recovered will be earmarked for the financial services compensation fund.

In May 2011, the AMF announced that it would be compensating 29 victims in the matter of Carole Morinville, for a total of $1,563,265. Following the announcement, five other compensation claims were filed with the AMF. An analysis confirmed that three of the claims were eligible for compensation under the fund, raising the number of victims receiving compensation to 32 for a total of $1,659,440.

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

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