Gilles Latour Emails Clients After Being Arrested on Fraud Charges – Vows to Fight! Aug 21, 2014

Gilles Latour Emails Clients After Being Arrested on Fraud Charges – Vows to Fight!  Aug 21, 2014
gt bkCORNWALL Ontario – Gilles Latour reached out to his clients via email.   We received several of these forwarded to us today (info@cornwallfreenews.com) along with some very concerned messages by clients of Latour Wealth Management.
Dear ,
As you may have heard, I am currently facing legal challenges. I plan to vigorously defend myself against these meritless charges, and look forward to a swift and positive outcome.The charges have no relation whatsoever to the mutual fund side of my business and I am writing to you to assure you that your investments are completely safe and secure.All mutual fund investments are held with the each respective mutual fund company, and are provided by Equity Associates, a company completely at arms-length from Latour Financial Group. Equity Associates is used by many financial planners to ensure consumer investments are fully, completely, and securely protected.

In light of recent circumstances, please know that I do understand each and every one of my clients’ concerns. While I am legally unable to discuss details pertaining to the charges, I do wish to reassure each and every one of my clients that their investments are safe and secure.

To that end, I am providing the link to the Equity Associates website, where clients can verify for themselves the current value of their own individual investments, If you wish to do so, please simply log on to the Equity Associates website via the follwing link: https://wconnect.partnercenter.ca/ia/.

This service is, and always has been available to clients for the past several years, and is augmented by regulary mailed statements of your investments from both Equity and the mutual fund companies.

As you can imagine, the past two days have been very stressful for not only myself, but my family and my staff. I wish to take this opportunity thank you for your patience and continued support. I plan to have the office back to full functionality by tomorrow, and would be happy to personally meet with you to discuss any questions or concerns you might have.

Sincerely,
Gilles Latour
 Gilles Latour, CSA
Mr. Latour or his representatives have still not responded for comment to CFN as of press time.
However a quick search online shows that Equity Associates itself has had some consumer complaints.

The Ombudsman for Banking Services and Investments (OBSI) today announced the refusal of Equity Associates Inc. (‘Equity Associates’) to compensate a retired couple in the amount of $83,386.

Over the course of several months the advisor invested the couple’s house proceeds in various long-term medium and high-risk mutual funds which were unsuitable given their investment objectives and risk tolerance. As their new home neared completion, Mr. and Mrs. H repeatedly sought assurances that their money was safe and would be available for withdrawal. The advisor was evasive and attempted to persuade the couple to withdraw a lesser amount instead. Eventually, the advisor explained that their investments had significantly declined in value. Without sufficient funds to pay for their new home, Mr. and Mrs. H had little choice but to use their line of credit to make up for the shortfall.

OBSI finds that Equity Associates is responsible for the losses incurred by Mr. and Mrs. H as a result of the unsuitable medium and high-risk investments. Equity Associates allowed the advisor to open new accounts for the couple without collecting Know Your Client (KYC) information, as required by securities rules. As a result, Equity Associates could not assess the suitability of the investments as it was required to do. OBSI also found evidence that strongly suggests Mr. and Mrs. H did not sign the mutual fund purchase documents. It appeared that these documents were altered by photocopying signatures from other sources.

 

One client shared with CFN:
We as Clients are very concerned with Gilles Latour’s Present LEGAL CHALLENGES .
With Bernie Madoff and numerous other financial Advisors/Investors still fresh in our memories and the many financial ruin’s that entailed thereafter, trust in ones financial advisor is paramount .

When one is willing to entrust their financial future for  in their golden years ,INTEGRITY,HONESTY AND TRUST in ones Financial Advisor and Investor must be maintained and we believe that  under such circumstances only puts our financial future in doubt .
When asked if they were going to stay with Mr. Latour they said they would be consulting and asking questions.
If you have any information or wish to be quote in our updates email info@cornwallfreenews.com or call our hotline at 855 444 1133

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