Illegal distributions and premium rebatesCarol Voyer fined almost $1M
Insurance Securities
Montréal - Carol Voyer recently pleaded guilty to a number of charges brought against him by the Autorité des marchés financiers ("AMF") as part of two separate penal proceedings launched in 2014 in the judicial district of Québec City. He was ordered to pay fines totalling almost $1M further to an agreement reached by the parties. The first proceeding related to the illegal distribution of securities in Corporation Evolutra and 6639496 Canada inc. (doing business under the name "I-Brand"). The second proceeding related to premium rebates granted on the purchase of life insurance policies.
Illegal distributions
Carol Voyer pleaded guilty to 10 charges for aiding Corporation Evolutra and I-Brand with distributions without a prospectus receipt from the AMF. He also pleaded guilty to two charges for stating that the shares of Corporation Evolutra would be listed on an exchange. He was ordered to pay fines totalling $156,000 for these violations.
As for the company "Il faut beaucoup de patience inc.", headed by Carol Voyer, it pleaded guilty to three charges for conducting distributions without a prospectus receipt from the AMF and eas ordered to pay fines totalling $30,000.
Rebates granted on purchase of life insurance policies
In addition, Carol Voyer pleaded guilty to nine charges for granting or agreeing to grant a premium rebate that did not appear on the insurance contract of clients who were urged to purchase life insurance policies with $1,000,000 or more in capital. For the purpose of concluding these insurance contracts, Carol Voyer told clients that he would pay the premiums related to the insurance policies that were purchased, and did so without the knowledge of the insurer. With his guilty plea, he has been fined a total of $819,318.76.
The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial sector.
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