Montréal - On May 24, 2016, Judge Éric Downs of the Court of Québec, district of Montréal, ordered Donald Murphy to pay fines totalling $200,000 in connection with his prior guilty plea on two counts of making misrepresentations and pursuing illegal activities as an insurance of persons representative.
In 2015, the Autorité des marchés financiers (the "AMF") launched a penal proceeding against Donald Murphy. The AMF's investigation showed that Donald Murphy, who at the time was president and primary shareholder of the firm Les Services Financiers D.D.A. & associés inc., misappropriated $50,000 by leading an investor to believe that his funds would be invested with an insurer. In response to the investor's requests, Donald Murphy provided him with a forged investment certificate in his name.
In support of his decision, Judge Downs pointed out the objective seriousness of the offences committed, the defendant's knowledge of the market, the planning and duration of the offences, and the breach of trust by Donald Murphy.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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