Montréal - Judge Gabriel Lassonde, of the Court of Québec, district of Montréal, has imposed fines totalling $83,000 against Alexandre Beaudoin-Bonotto as president of Water Safety Services Inc. (WSS), a company founded by his father, Gérald Beaudoin, and International Water Safety Foundation (IWSF). This is more than double the minimum fine set by the Securities Act.
Alexandre Beaudoin-Bonotto pleaded guilty to 16 counts involving illegal practice by WSS as a firm operating in damage insurance and in claims adjustment, as well as illegal practice by IWSF as an insurer.
Note that following the intervention of the Autorité des marchés financiers and the appointment of a receiver in October 2010 (pdf - 40 KB)This link will open in a new window, WSS and IWSF ceased to carry on their activities following their judicial winding up.
The evidence has shown that customers of WSS and IWSF consisted exclusively of Americans. Various decisions were in fact issued by regulators in at least 11 U.S. states ordering IWSF and WSS to cease all insurance activities in their territory.
The Autorité des marchés financiers (the AMF) is the regulatory and oversight body for Québec's financial sector.
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