May 20, 2010 Insurance

Montréal – The Autorité des marchés financiers (AMF) has launched a legal proceeding in the Court of Québec, district of Laval, against Claude Sicotte and is seeking a fine of $30,000 for violating An Act respecting the distribution of financial products and services.

The AMF has charged Claude Sicotte with illegally receiving a commission on the sale of life insurance policies while not being registered in this sector with the AMF. In reorganizing cooperatives, Claude Sicotte proposed financing to members of a cooperative in financial difficulty through a life insurance policy taken out with a firm with which he shared his commission.

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

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