TORONTO, Ontario – A disciplinary hearing held by the Mutual Fund Dealers Association (MFDA) on Monday, Nov. 28 handed down a $900, 000 fine to former Cornwall mutual fund dealer Gilled Latour and banned him permanently from the securities business.
In a conversation with Seaway News Latour slammed the MFDA process.
“They decided to suspend me, ban me and fine me without any input from Gilles Latour,” Latour said. “They put me on hold for five minutes and came back with this number of $900, 000.”
Latour said that other oganizations, like the Chambre Financieres de Quebec have chose to wait to rule on his case until after his criminal proceedings are settled.
In a decision on June 7, 2016, the MFDA that Latour had taken $651,946 from at least three “vulnerable” clients between 2007 and 2014 and never paid the money back. The MFDA also ruled that Latour had obstructed the investigation into those accusations.
“I told them that the information that they were seeking would come out in the criminal trial,” Latour said. “I’ve been told by my lawyer not to comment on anything related to the criminal proceedings.”
Latour is also facing 43 criminal charges and is scheduled to appear in court on Dec. 9.
