A broker who has just lost his right to practice would have made significant profits thanks to the data stolen from Desjardins members.
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A court of the Autorité des marchés financiers (AMF) suspended the right to practice of François Baillargeon-Bouchard, who allegedly bought the personal data of 40,000 people.
“In the list of data, there was a lot of personal information about investments, banking information, credit report and even the mortgage,” said Sylvain Paquette, vice-president of the Canadian Credit Institute on Wednesday.
With this inside information which was allegedly obtained illegally, he was able to make offers that were impossible to refuse.
“He was able to know when the person was approaching their mortgage renewal and to be able to apply for it beforehand and offer them a better rate and get them out of Desjardins,” added Mr. Paquette.
This activity was extremely lucrative, since Baillargeon-Bouchard could earn $ 40,000 per week thanks to this data.
The Sûreté du Québec investigation is continuing and charges could be laid.
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