CORNWALL, Ontario – The former head of a Cornwall business advocacy group broke the rules when he accepted and failed to repay nearly $652,000 in loans from clients.
Gilles Latour, who for a time led Team Cornwall, has not yet repaid the money he obtained from at least three clients dating back some nine years.
The Mutual Fund Dealers Association, in a decision released Monday, said Latour’s acceptance of, and failure to repay the money contravenes its rules.
Latour, said the MFDA, also failed or refused to provide documents and information, as well as attend an interview, as requested by MFDA staff during the course of an investigation into his conduct.
The MFDA hearing panel said it will issue written reasons for its decision as to misconduct at a later date.
Submissions with respect to penalty will also take place later.
The MFDA hearings are not part of the dozens of criminal charges Latour has found himself saddled with, which are scheduled for preliminary hearing next month in a city court.
The MDFA is a self-regulating body overseeing more than 80,000 approved mutual fund dealers across the country.