August 3, 2015 Securities

Montréal - The Autorité des marchés financiers ("AMF") has launched a penal proceeding in the judicial district of Montréal against Richard Langlois for various illegal actions carried out with respect to a client considered to be vulnerable.

Richard Langlois is facing a total of 10 charges, namely, five counts for making misrepresentations and five counts for breaching instructions given by a client. If found guilty, he faces a minimum fine of $390,734.40.

The investigation revealed that Richard Langlois misappropriated more than $97,000 belonging to one of his clients by submitting requests to redeem investments, using his client's forged signature and asking that the money be deposited in his personal bank account.

In the fall of 2013, the AMF took action in this matter in co-operation with the Chambre de la sécurité financière to suspend the rights of Richard Langlois to practise in insurance of persons and group insurance of persons, and to freeze his personal assets based on allegations of embezzlement.

Trust must be earned!

The AMF provides various tools to persons seeking assistance with managing their affairs or planning to entrust someone with the management of their assets.

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

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