Insurance Decisions and Freeze and cease trade orders

Montréal – Before Judge Danielle Michaud of the Court of Québec (Criminal and Penal Division), district of Joliette, Richard Laroche pleaded guilty on March 30, 2008 on the seven charges brought against him by the Autorité des marchés financiers (AMF).

At sentencing hearings held on June 23, 2008, Judge Michaud ordered Richard Laroche to pay fines totaling, $70,000 plus costs, for violating the Act respecting the distribution of financial products and services (the "Act") by:

  • pursuing activities as a representative in insurance of persons without being registered with the AMF, thereby violating sections 12 and 461 of the Act.

The fines represent the maximum amount prescribed under the Act, and are equivalent to 20 times the minimum fine for each charge.

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

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