Several orders against François Baillargeon-Bouchard and Groupe financier Bouchard lifted

Insurance Decisions and Freeze and cease trade orders Securities

Montréal –On December 21, 2021, the Financial Markets Administrative Tribunal (the “Tribunal”) lifted the temporary orders issued in its decision of January 28, 2021 in the matter of François Baillargeon-Bouchard of the firm 9347-6760 Québec inc. (doing business as “Groupe financier Bouchard”).

Specifically, the Tribunal lifted the suspension of the certificates of Mr. Baillargeon-Bouchard in the insurance of persons and group savings plan brokerage sectors. The Tribunal also lifted the order directing Mr. Baillargeon-Bouchard to comply with the provisions of the Act respecting the distribution of financial products and services (the “Act’’) and to cease acting as or purporting to be a representative within the meaning of the Act. Furthermore, the Tribunal lifted the order directing François Baillargeon-Bouchard to cease carrying on any activity, directly or indirectly, in respect of a transaction in securities within the meaning of the Securities Act, except for any transaction in securities carried out on his own behalf by a broker duly registered with the AMF.

Lastly, the Tribunal lifted the orders directing Groupe financier Bouchard to appoint a responsible officer approved by the AMF to replace Mr. Baillargeon-Bouchard and to inform the AMF of the steps it intends to take to replace its responsible officer.

The Tribunal lifted these orders taking the following facts, among others, into account:

  • The decision of the Disciplinary Committee of the Chambre de la sécurité financière of June 4, 2021 This link will open in a new window revoking Mr. Baillargeon-Bouchard’s certificate for six months and fining him $30,000 after he pleaded guilty to the eight counts set out in a disciplinary complaint.
  • The November 18, 2021 decision of the Court of Québec fining Mr. Baillargeon-Bouchon $10,000 after he pleaded guilty to one count of attempting to hinder a representative of the AMF in the exercise of his or her functions in the course of an investigation. Under the terms of the joint recommendation submitted to and approved by the Court of Québec, in the event Mr. Baillargeon-Bouchard applies to have his certificate reinstated, the AMF may, at its discretion and in accordance with its usual practices, attach restrictions or conditions to Mr. Baillargeon-Bouchard’s rights to practise. In addition, if such restrictions or conditions are imposed by the AMF, Mr. Baillargeon-Bouchard will not be able not apply to act as the responsible officer of an insurance firm until those restrictions or conditions are no longer in effect.
  • The statements of Mr. Baillargeon-Bouchard and Groupe financier Bouchard confirming that they have permanently ceased to use the lead lists concerned.

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

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