Montréal - On April 22, 2016, Judge Chantale Pelletier of the Court of Québec, district of Québec City, handed down a guilty verdict against Alan Murphy and Jean-François Chouinard with respect to 80 charges related to illegal practice as an insurance of persons representative. The judgment is further to a penal proceeding launched by the Autorité des marchés financiers ("AMF") in 2012.
Alan Murphy, a former representative in insurance of persons, was found guilty of offering segregated funds from an insurer in Québec City and providing related advice without being registered with the AMF in any capacity whatsoever, and of aiding Jean-François Chouinard in making misrepresentations to the insurer in connection with activities governed by An Act respecting the distribution of financial products and services ("Distribution Act").
Jean-François Chouinard, who was registered with the AMF as a representative in insurance of persons at the time of the facts at issue, was found guilty of aiding Alan Murphy in acting as such without being registered with the AMF, and of making misrepresentations to the insurer in connection with activities governed by the Distribution Act.
Alan Murphy and Jean-François Chouinard have appealed the guilty verdict. The sentencing hearing will be held on August 26, 2016, despite the appeal.
In February 2011, Alan Murphy was fined $26,000 for acting illegally as a dealing representative (mutual fund dealer).
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.
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