March 1^st, 2019 Insurance Decisions and Freeze and cease trade orders

Montréal – On February 26, 2019, further to a request from the Autorité des marchés financiers (the “AMF”), the Financial Markets Administrative Tribunal (the “Tribunal”) issued various orders against the firms Evolution Québec inc. and 9317-9687 Québec inc. (doing business as Evo Assurances) as well as Ramy Attara, Youssef Mouloudi and several impleaded financial institutions.

Call to consumers

If you acquired insurance through Evolution Québec inc. or Evo Assurances, check with the insurers concerned to make sure you are actually covered. Some amounts collected as insurance premiums by Evolution Québec inc. and Evo Assurances may not have been sent to the insurers and, as a result, the related insurance may have been cancelled or not put in force.

Freeze orders

The Tribunal ordered Evolution Québec inc., 9317-9687 Québec inc., Ramy Attara and Youssef Mouloudi not to dispose of funds, securities or other assets in their possession or custody and not to withdraw or appropriate funds, securities or other assets from any other person having them on deposit, under control or in safekeeping on their behalf, including the contents of safety deposit boxes.

The Tribunal also ordered Scotiabank and TD Bank branches and Tangerine Bank not to dispose of the funds, securities or other assets that they have on deposit in any accounts opened or safety deposit boxes registered in the names of the respondents.

These freeze orders came into effect on February 26, 2019 and will remain in place for a period of 12 months ending on February 26, 2020.

Other orders

The Tribunal suspended the registrations of Evolution Québec inc. and Evo Assurances in all the sectors in which they are registered, until new responsible officers are appointed. The firms must inform the AMF of the steps they intend to take to replace their current responsible officers and must obtain AMF approval of their new responsible officers. The Tribunal also ordered Evo Assurances to shut down its website for the duration of its suspension.

The Tribunal also suspended the certificates of Ramy Attara and Youssef Mouloudi for the duration of the AMF’s investigation or until a decision on the merits is rendered on any request to the Tribunal to have the registrations cancelled or suspensions lifted or in connection with a request by the Chambre de l’assurance de dommages to its discipline committee to have the registrations cancelled.

Moreover, the Tribunal asked the AMF to entrust the client records, books and registers of Evolution Québec inc. and Evo Assurances to an appropriate firm, on an interim basis, for the time the registrations are suspended. The AMF has chosen to entrust the client records, books and registers to the firm Anfossi Tassé D’Avirro inc., located at 2630 Allard Street, in Montréal, Québec.

Update

The orders issued against Youssef Mouloudi on February 26, 2019 were extended until they were lifted on July 6, 2022, following an agreement entered into between the AMF and Mr. Mouloudi.

The orders issued against Ramy Attara on February 26, 2019 were extended until they were lifted on September 13, 2022, following an agreement entered into between the AMF and Mr. Attara.

The orders issued against Evolution Québec inc. on February 26, 2019 expired on February 25, 2023.

The orders issued against Evo Assurances on February 26, 2019 were extended until August 24, 2024.

On November 27, 2023, the Tribunal issued orders to have the frozen funds in the bank accounts belonging to Evo Assurances remitted to the AMF. The Tribunal also ordered the AMF to submit to it, within three months of its decision, the manner in which the amounts in question will be distributed to the persons who sustained a loss in this case.

On May 14, 2024, the Tribunal approved the distribution terms proposed by the AMF.

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

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