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Dozens of investors fleeced by their financial advisor have new hope to recover the funds that have been appropriated through the important changes to the compensation rules of the Autorité des marchés financiers (AMF).
Long criticized because its eligibility requirements were too restrictive, the compensation Fund of the financial services administered by the AMF, has undergone a makeover in recent months.
“We were the first to admit, it is a frequent criticism, the criteria were far too stringent. As soon as we had been defrauded by someone who offered a product in a different category than what he was allowed to do, it was outside the scope of the Fund, ” says Sylvain Théberge, a spokesman for the AMF.
Quebecers are the victims of a fraud committed by a certified representative or a company registered with the AMF can therefore now be compensated even if the professional financial services at fault has provided a product or a service that he was not authorized to offer.
The enlargement of the coverage is also retroactive to June 12, 2015, which means that many records have been rejected by the AMF may now be deemed eligible, ” said Mr. Théberge.
The transaction in dispute shall nevertheless aim at a product or a financial service that can typically be offered by a professional of the financial sector.
The Authority invites all the people who have had knowledge of a fraud committed at their place between the 12th of June 2015 and June 13, 2018 to submit a compensation claim to the Authority, if it is not already done. The applications must be filed prior to June 13, 2019.
The persons whose application is accepted can expect a full refund.
All complaint files closed with refusal during the period of June 2015 to today have been automatically re-opened by the Authority and have been addressed or are in the process of analysis.
“It is believed that approximately 25 records [already submitted] could be revised,” says Mr. Théberge.
This is the case of the victims of Steeve Duchesne, convicted of fraud, who had cheated and abused 13 workers from the former board mill in Jonquière. Nearly $ 560,000 had been extracted by Mr. Duchesne, a former work colleague converted to an “advisor ” financial”.