CORNWALL Ontario – Beleaguered former Team Cornwall President Gilles Latour is watching his empire crumble before his eyes. In addition to the police charges already laid for fraud the amount of monies being bandied around have now gone from the $200K area to over $600 as the Mutual Fund Dealers Association of Canada is about to shut him down.
The Mutual Fund Dealers Association of Canada (MFDA) is the national self-regulatory organization (SRO) for the distribution side of the Canadian mutual fund industry.
It was established in June 1998 at the initiative of the Canadian Securities Administrators. The MFDA regulates the operations, standards of practice and business conduct of its Members and their representatives with a mandate to enhance investor protection and strengthen public confidence in the Canadian mutual fund industry.
I spoke with Hugh Corbett, Managing Director of Enforcement for the group today via telephone.
Mr. Corbett referred to Mr. Latour’s case as “RARE” thus why steps are being taken to shut him down even before Mr. Latour’s charges have been proven in court. To date none have.
Mr. Corbett stated it was highly unusual for a Mutual Fund seller to be charged by police. He said he couldn’t recall one that was ever being reinstated.
CCPS are still investigating Mr. Latour and seeking more information and possible victims. Mr. Latour did not respond to CFN’s request for an interview or statement as of press time.
Were you a victim of Gilles Latour and want to go on the record? You can reach CFN at info@cornwallfreenews.com.
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Good! I am so happy to hear this Jamie. Charges need to stick to these fraudsters for what they have done. Now we have our latest fraudster and WOW! The amount of money that they said “borrowed” is not borrowed but stolen. Gilles Latour is going to have to join Willie Wise, Bernie Madoff and all the rest of the cheisters. I hope that more come forward about all this stuff and nail him. I am happy that he is out of business with frauding the people of their investments. People if you have any kinds of investments with this cheister contact the company on the letterhead on the site and nail him. This is the kind of crooks that Bare Ass is affiliated with.
The loaning of money for an expected return, if not legitimate, is a Ponzi scam by definition. Isn’t it?
And it is likely a separate illegal action outside of that previously accused against Ti’ Gilles by the Equity assurance fund?
Admin?
I wonder if Mayor Bob Kilger’s thoughts are still with Gilles Latour and family or whether he now has gained some sympathy for the possible victims in this developing situation. Gilles may be innocent of the charges and accusations against himself but in light of this new information the odds of that being the case may have changed somewhat.
It’s all Greek to me 420. I’m just reporting the truth as it comes in.
Look at Kilger’s track record… Diane Shay, Gilles Latour, chem tanks on the waterfront, withholding mail, wasting public tax money on covering his pathetic ass instead of investing it into the city he “claims” to love. Honestly, at this point I seriously distrust anyone who backs Kilger. They are obviously being greased somehow, or they are completely ignorant and indifferent. Either way, Kilger and his clique are obviously not good people. What has he done for you lately? I am so sick of Cornwall being Kilger’d.