July 28, 2014 Decisions and Freeze and cease trade orders Insurance

Montréal - On June 20, 2014, the Bureau de décision et de révision (the "Bureau") allowed an ex parte motion filed by the Autorité des marchés financiers ("AMF") for a freeze order on the bank accounts of Donald Murphy and the suspension of his certificate as a representative in insurance of persons. The Bureau also agreed to suspend the registration of Donald Murphy's firm, namely, Services Financiers D.D.A. et associés Inc., which is registered with the AMF in insurance of persons. Finally, the Bureau allowed the AMF to take possession of the firm's client files, books and other registers.

The AMF investigation revealed that Donald Murphy misappropriated $50,000 belonging to a client by telling her that he was investing the funds with an insurance company. However, based on the evidence presented to the Bureau, the document given to the client by Murphy to confirm the investment was in fact a fake statement. In addition, the investment offered to the client did not correspond to any product available from the insurance company concerned.

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

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