Insurance Decisions and Freeze and cease trade orders
Montréal - On August 15, 2016, at the request of the Autorité des marchés financiers (the "AMF"), the Tribunal administratif des marchés financiers (the "Tribunal") lifted the freeze orders on the bank account of Donald Murphy and ordered the funds in the account to be remitted to the AMF.
The AMF's request was intended to prevent Mr. Murphy from using the money he had misappropriated to pay fines ordered by the Court of Québec. The recovered sums will be earmarked for the AMF's Education and Good Governance Fund, which provides financial support for projects in financial education, research and public awareness.
On May 24, 2016, Donald Murphy pleaded guilty to the two charges filed against him and was ordered by the Honourable Eric Downs to pay fines totalling $200,000. The AMF claimed that he had made misrepresentations in connection with activities governed by An Act respecting the distribution of financial products and services and pursued illegal activities as an insurance of persons representative.
The AMF also launched civil proceedings against Donald Murphy to recover $50,000 paid by the Fonds d'indemnisation des services financiers (financial services compensation fund) to his victim. On June 27, 2016, Mr. Murphy was ordered to reimburse $50,000 to the AMF.
The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec's financial sector.
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Sylvain Théberge: 514-940-2176
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