Illegal practice in insurance - Louis Thompson fined $102,000
Insurance Decisions and Freeze and cease trade orders
Montréal – On November 25, 2010, Louis Thompson, a former insurance representative, pleaded guilty before Judge Gaby Dumas of the Court of Québec, district of Laval, to the 136 counts brought against him, and was fined $102,000.
Specifically, Louis Thompson pleaded guilty to 33 counts of illegally acting as an insurance of persons representative and 103 counts of illegally receiving a commission in connection with the sale of a financial product.
The AMF investigation revealed that Louis Thompson sold insurance policies between 1999 and 2008, whereas he had not been registered as an insurance of persons representative since 1999. He met clients in their homes, offered them insurance products, completed the documentation and had the insurance polices signed by the firm Distribution Groupe Association inc., which held a valid registration at that time. In addition, Louis Thompson illegally received a commission in connection with the sale of these financial products.
The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.
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