Insurance

Montréal - The Autorité des marchés financiers ("AMF") has launched a penal proceeding, in the district of Montréal, against Donald Murphy. Two charges were filed against him for making misrepresentations and for acting as a representative or purporting to be a representative without being registered as such with the AMF. He faces a minimum fine of $200,000.

The AMF maintains that Donald Murphy, president and primary shareholder of Les Services Financiers D.D.A. & Associés inc., misappropriated $50,000 by claiming that an investor's funds would be invested with an insurance company. He subsequently provided the investor with a forged investment certificate in his name.

In June 2014, a freeze order was issued against Donald Murphy and his right to practise suspended. The registration of his firm, les Services Financiers D.D.A. & Associés inc., was also suspended by the Bureau de décision et de révision.

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

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