Flamidor inc. and Jean-Noël Lacroix plead guilty to 40 charges
Insurance
Montréal – Before the Court of Québec (Criminal and Penal Division), district of Québec City, Flamidor inc. and Jean-Noël Lacroix each pleaded guilty on March 8, 2007 to 20 charges filed against them on January 10, 2006 by the Autorité des marchés financiers (AMF) for illegal life insurance activities. Flamidor inc. and Jean-Noël Lacroix faced charges for violating the Act respecting insurance, R.S.Q., c. A-32 (the “Act”):
- Flamidor inc. acted as a life insurer without holding a licence from the AMF for such purpose by issuing life insurance contracts between April and September 2004 for the purpose of guaranteeing, in the event of death, a refund under instalment sales contracts, thereby violating section 201 of the Act;
- Jean-Noël Lacroix, as sole director of Flamidor inc., consented to or took part in the offence committed by Flamidor inc. whereby it acted as a life insurer without holding a licence from the AMF for such purpose by issuing a life insurance contract between April and September 2004 for the purpose of guaranteeing, in the event of death, a refund under instalment sales contracts, thereby violating section 201 of the Act.
Flamidor inc. and Jean-Noël Lacroix were ordered to pay a total fine in the amount of $28,000 in connection with the 40 charges.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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