September 28, 2010 Decisions and Freeze and cease trade orders Insurance

Montréal – In a decision handed down on September 15, 2010, Judge Yannick Couture of the Court of Québec, district of Québec City, imposed fines totalling $6,000 on Denis Brousseau, who was found guilty of illegally pursuing activities as an insurance of persons representative.

In March 2010, Denis Brousseau was found guilty on four charges brought against him for acting as an insurance of persons representative without holding a certificate from the Autorité des marchés financiers (AMF). Between March 9 and May 26, 2005, Denis Brousseau offered segregated funds to four individuals.

The fine imposed by Judge Couture is three times the minimum fine set for this type of offence. In determining the fine, the Court referred to certain aggravating factors brought to its attention by the AMF, including the fact that Mr. Brousseau had been registered as an insurance representative and that he was aware of his obligation as a representative. The Judge also considered the protection of the public and the public’s trust in financial markets.

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

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