Misappropriation of insurance premiumsSuspension of Charlito Hael’s certificates and message to clients

Insurance Decisions and Freeze and cease trade orders

Montréal – On May 3, 2017, further to an ex parte application filed by the Autorité des marchés financiers (the "AMF"), the Tribunal administratif des marchés financiers (the "Tribunal") suspended Charlito Hael's certificates and issued various orders in connection with an AMF investigation into the misappropriation of funds remitted as payment for insurance premiums and the absence of insurance coverage issued through Charlito Hael.

See Decision 2017-011-001 (pdf - 1 MB)This link will open in a new windowUpdated on May 4, 2017 (in French only)

Message to current and former clients of Charlito Hael and of APO Financial Services

To protect consumers and given the urgency of the situation, the AMF urges all current and former clients of Charlito Hael and of APO Financial Services to contact the insurer named on their insurance policy issued through this person and entity in order to confirm the validity of their coverage.

If you are a current or former client of this person or entity and are unable to reach the insurer, please contact the AMF Information Centre at 1-877 525-0337 for assistance.

Additionally, the AMF urges clients of Charlito Hael and APO Financial Services to contact their financial institution and revoke any regular pre-authorized payments made to Charlito Hael or APO Financial Services and not to an insurer.

Details of Tribunal's decision

The Tribunal suspended, with immediate effect and throughout the course of the investigation, Charlito Hael's certificates in all sectors for which he is registered, and ordered Charlito Hael to comply with the provisions of the Act respecting the distribution of financial products and services and to cease acting as or purporting to be a representative within the meaning of the law.

Moreover, the Tribunal prohibited Charlito Hael from carrying on any activity, directly or indirectly, in respect of a transaction in securities.

The Tribunal also issued various freeze orders in respect of funds, securities and other property belonging to Charlito Hael and sole proprietorship Charlito Hael, which carries on business as APO Financial Services.

Therefore, any person on whom the Tribunal's decision will be served must not dispose, directly or indirectly, of funds, securities or other property belonging to Charlito Hael or sole proprietorship Charlito Hael (APO Financial Services) that are in their possession or entrusted to them, or on deposit with them or, directly or indirectly, under their control or in their safekeeping, including in any safety deposit box.

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

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