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 firstname.lastname@example.org.
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