The respondent has been registered with the Autorité des marchés financiers (AMF) since 2012. He has held a life and health insurance license since that time and obtained a group savings license in 2016.
At the material time, the Respondent was registered as a broker’s representative for a mutual fund dealer on behalf of Desjardins Cabinet de Services Financiers. In March 2019, he began to hold the position of Personal Finance Advisor at the Caisse Desjardins des Patriotes in Boucherville.
Its role is to identify the financing and investment needs of members and to give them advice according to their needs. Opening a folios account is therefore not one of its tasks.
In May 2020, the Bureau de la Sécurité Desjardins opened a file in the respondent’s name with the aim of carrying out an investigation covering all of his professional activities since his hiring at the Caisse, according to the decision on guilt and sanction. The Bureau was then informed that the same individual called the Caisse using different names to obtain an appointment with the Respondent in order to transfer a mortgage. The Bureau also learned that three folios had been opened by the Respondent.
After investigation, the Bureau de la Sécurité Desjardins associated eight openings of doubtful accounts, two of which included a line of credit, with the respondent. The latter was therefore dismissed.
“In cases involving a line of credit, the fictitious applicants gave the respondent documents that were very similar and contained gross errors,” reports the decision on guilt and penalty. The respondent could therefore have concluded that it was a fraud. He also admitted to being aware that the eight people opened fraudulent accounts, used false identities and that the documents in support of these requests were false.
The Respondent assured that he did not intend to continue a career in the financial field.
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