Tribunal issues orders to protect the patrimony of a vulnerable person

Decisions and Freeze and cease trade orders Securities

Montréal – On December 30, 2021, following a request filed ex parte by the Autorité des marchés financiers (AMF), the Financial Markets Administrative Tribunal (Tribunal) issued orders in respect of the property of Roger TremblayRoger Tremblay should not be confused with  Roger Tremblay who holds certificate No. 133146 in group insurance of persons  and carries on activities with Vizés-Collectif inc., and is also registered as  a dealing representative (mutual fund dealer) and carries on activities with  Desjardins Financial Security Investments Inc. and an elderly person in a vulnerable situation (person concerned).

Specifically, the Tribunal ordered Roger Tremblay not to dispose, directly or indirectly, of funds, securities or other property in his possession or which was entrusted to him and to refrain from withdrawing or appropriating funds, securities or other property, including immovable property and several vehicles, on deposit with, under the control or in the safekeeping of another person.

The Tribunal also ordered Services d’assurance I.G. inc. and Services financiers Groupe Investors inc. to suspend the access rights of Roger Tremblay and Valmond Santerre, a representative to whom Mr. Tremblay had transferred his clients, to all client records, books and registers of the trust and the person concerned. The Tribunal also ordered these institutions to assign a new representative who is not a member of Valmond Santerre’s team to any client record of the trust and the person concerned.

Lastly, the Tribunal ordered several National Bank of Canada branches not to dispose of the funds, securities or other property that they have on deposit in any account opened in the name of Roger Tremblay, the trust or the person concerned.

Background

Roger Tremblay acted as the co-trustee of the estate of the person concerned’s husband since his death. A few days after the death, Mr. Tremblay had the person concerned sign a professional services contract for which he, in fact, collected fees in excess of the expected amount. Mr. Tremblay was also designated as mandatary for the person concerned. In this capacity, he allegedly used the person concerned’s money over the years to make several purchases, including a number of vehicles. The AMF estimates that the expenses incurred by Mr. Tremblay, other than for the accommodation and care of the person concerned, amount to more than $650,000.

In its decision, the Tribunal considered the evidence submitted by the AMF to be sufficiently convincing to establish that Roger Tremblay committed several offences under the Act respecting the distribution of financial products and services and the Code of ethics of the Chambre de la sécurité financière. According to the Tribunal, the acts committed are in breach of obligations to act in good faith, with honesty, loyalty, competence and professionalism, and are not characterized by dignity, discretion, moderation and objectivity. The Tribunal also noted that Mr. Tremblay did not avoid placing himself in a situation of conflict of interest in performing his duties for the person concerned.

Since the decision was rendered, Mr. Tremblay filed a notice of contestation, the hearing for which is to be set at a later date.

Update

On February 10, 2022, the Tribunal approved an agreement entered into between the AMF and Roger Tremblay. Under the terms of the agreement, the Tribunal suspended, for the duration of the AMF’s investigation, Roger Tremblay’s certificate and registration in all sectors for which he is certified or registered. The Tribunal also prohibited Mr. Tremblay from acting in all sectors for which he is certified and from pursuing activities as an adviser throughout the course of the AMF’s investigation.

The Tribunal also partially lifted the freeze orders issued on December 30, 2021 in order to allow Mr. Tremblay to return a vehicle to his car dealer. Lastly, the Tribunal extended the freeze orders issued on December 30, 2021 until December 30, 2022.

On December 9, 2022, the Tribunal extended the freeze orders issued on December 30, 2021 for a four-month period, from December 30, 2022 to April 29, 2023.

On April 14, 2023, the Tribunal extended the same orders for a five-month period, from April 29, 2023 to September 28, 2023.

On September 20, 2023, the Tribunal extended the freeze orders for a four-month period, from September 28, 2023 to January 27, 2024.

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

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