10 February 2021 Posted By : admin

Data theft at Desjardins: a broker sees his right to practice suspended

The Financial Markets Administrative Tribunal is temporarily suspending the right to practice of François Baillargeon-Bouchard, suspected of having purchased stolen information on 40,000 Desjardins clients.

“According to the evidence, Mr. Baillargeon-Bouchard appears to no longer possess the essential qualities required to exercise the functions of a financial representative such as competence, honesty, integrity, loyalty and professionalism”, writes Judge Antonietta Melchiorre in her decision.

The hearing of the representative in insurance of persons and group savings plans took place last fall for several days.

Until further notice, François Baillargeon-Bouchard can no longer act as an insurance representative, decides the judge, and he must cease all activity with a view to directly or indirectly carrying out a transaction in securities.

However, he may continue to carry out transactions on his own behalf through a broker registered with the Autorité des marchés financiers (AMF).

  • Listen to the economic column of Yves Daoust, director of the Money section of the Journal de Montréal, on QUB radio:

François Baillargeon-Bouchard admitted to having bought lists containing information on Desjardins clients from Jean-Loup Leullier Masse, another suspect in this case, “without asking any questions”. He also confessed to having used certain information in these documents to solicit people to sell them insurance products.

François Baillargeon-Bouchard claimed that the circumstances surrounding the purchase of these lists did not allow “anything suspicious or abnormal” to be expected.

For several months, the AMF has been calling for the suspension of the Quebec broker’s certificates of practice and to prohibit him from any activity with a view to carrying out a transaction in securities for the duration of the investigation.

The AMF accuses him in particular of having “provided incomplete and / or erroneous information”.

François Baillargeon-Bouchard, for his part, considered the suspension of his exercise rights as “an unreasonable and excessive sanction”.

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