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ARTICLE · 11 APRIL 2016

Hefty Punishment In Qc For An Insurance/MF Broker

Borden Ladner Gervais LLP
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The decision on sentencing rendered by the Court of Quebec has not been made public… yet.

CanadaCorporate/Commercial Law
Tommy Tremblay
Tommy Tremblay
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Last March, pursuant to a joint recommendation on sentencing, the Court of Quebec sentenced Richard Longpré, a former life insurance representative and mutual funds broker, to a fine of $724,000 and to 24 months, less one day, of imprisonment. Longpré pleaded guilty to 133 charges of having acted illegally in his capacity as a securities broker and having provided false and misleading information to investors. Longpré claimed that the proposed investment was without risk and promised an annual return of 8%. Longpré admitted that he caused a loss of $1.3 million to 34 investors over a period of 12 years. The decision on sentencing rendered by the Court of Quebec has not been made public... yet. See press release issued by theAMF on April 8, 2016: AMF Press Release

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