Illegal practice as a damage insurance representative - AMF files 73 charges and seeks over $500,000 in fines
Insurance
Montréal - The Autorité des marchés financiers (the AMF) has launched a penal proceeding in the district of Montréal involving 73 charges against Dominic Spiridigliozzi, the firm Courtier d'assurance-crédit Berman-Cast Inc. and Peter Filato. The AMF claims that they pursued activities related to illegal practice as a damage insurance representative and is seeking $531,000 in fines from them.
More specifically, the AMF claims that Dominic Spiridigliozzi, majority shareholder and officer of Berman-Cast Inc., illegally acted as a damage insurance representative without holding a certificate issued for such purpose (25 counts) and hindered the AMF's investigation by meeting certain witnesses with a view to influencing their examination by the investigator (two counts). The AMF is seeking a total of $180,000 in fines from him.
The AMF has also brought 25 charges against Courtier d'assurance-crédit Berman-Cast Inc., a registered damage insurance firm, which it claims aided Dominic Spiridigliozzi in acting as a representative of a damage insurance broker without being authorized to do so. The AMF is seeking a total of $225,000 in fines from it.
Lastly, 21 charges have been brought against Peter Filato, a registered damage insurance broker, whom the AMF claims also aided Dominic Spiridigliozzi in acting as a representative of a damage insurance broker without being authorized to do so. The AMF is seeking a total of $126,000 from him.
Reminder to consumers and businesses
Before purchasing an insurance product, consumers and businesses should always check whether the person offering the product is authorized to do so by consulting the Register of firms and individuals authorized to practice on the AMF's website.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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