Would you buy insurance from Gilles Latour? The former Team Cornwall President, Liberal bag man, buddy of Max Keeping, resident of Long Sault, and allegedly who ripped off his own mother and multiple clients which landed him charged by police and suspended by the MFDA which governs financial advisers is still being allowed to sell insurance via the provincial authority in spite of them being aware of his charges.
CFN communicated with Mr. Malon Edwards, Senior Communications Officer, Strategic Communications Branch of the Financial Services Commission of Ontario.
Agencies like the MFDA and FSCO of course are established to protect consumers and help when issues do occur.
None of the charges lodged by police or the MFDA have been proven in a court of law or hearing at this time with the MFDA stating that Mr. Latour is not cooperating with their investigation.
We covered Mr. Latour’s latest issues after a MFDA press release and offered to let him respond and ask questions. He did not return any call or message otherwise.
CFN
If someone has been charged, and under investigation for actions with the MFDA and police how can they being selling insurance under your organization?
FSCO
When a licensed individual is sanctioned by another financial services regulatory body, FSCO will monitor and investigate and, where appropriate, will take enforcement action. This action may range from a letter of caution, administrative monetary penalties, suspension or revocation of a license, and/or charges under the Provincial Offences Act.
CFN
Can you tell me if Mr. GILLES LATOUR of Latour Wealth Management who is selling insurance via Financial Horizons is under any of those conditions with you folks?
FSCO
To maintain the integrity of ongoing investigations, FSCO can neither confirm nor deny the existence of any specific complaints or investigations against individuals or businesses.
CFN
How would you know if any conditions existed? Would the party have to report the incident to your organization?
FSCO
FSCO tracks disciplinary information published by other financial services regulators. FSCO has also established information sharing agreements with other financial services regulatory bodies, such as the MFDA. In addition, FSCO requires licensed individuals to disclose to FSCO any disciplinary actions or conditions imposed by other financial services regulators when submitting their licence renewal application.
CFN
When someone is charged by police how does your organization find out?
FSCO
Generally, the local police works with FSCO Investigations to notify us of criminal charges brought against individuals licensed with FSCO.
CFN
If someone is charged for some of the types of things that Mr. Latour has been charged with does your organization have the ability to suspend them until they are cleared, and if so has the FSCO ever done so?
FSCO
FSCO investigates allegations against licensed representatives and/or companies. When there is evidence of non-compliance with legislation and regulations, FSCO takes the appropriate regulatory action. This action may range from a letter of caution, administrative monetary penalties, suspension or revocation of a license, and/or charges under the Provincial Offences Act.
CFN
How can the public have confidence in the FSCO if someone with the type of charges Mr. Latour has been leveled with can function without any sanction, even if not proven guilty in court?
FSCO
FSCO is committed to protecting consumers in the sectors it regulates, including the insurance sector. When FSCO investigates an individual or company and determines financial harm could come to the consumers involved, FSCO will take the appropriate regulatory action, which could include the suspension or revocation of a licence.
CFN
According to the MFDA recent release, which is a public document, Mr. Latour did not cooperate with their investigation. If someone is suspended as the MFDA has done with Mr. Latour, refuses to cooperate, and the FSCO has that knowledge why wouldn’t they too sanction him until his issue is resolved?
FSCO
As previously mentioned, when a licensed individual is sanctioned by another financial services regulatory body, FSCO will monitor and investigate and, where appropriate, take enforcement action. This action may range from a letter of caution, administrative monetary penalties, suspension or revocation of a licence, and/or charges under the Provincial Offences Act.
In the case of Gilles Latour, FSCO can neither confirm nor deny the existence of any specific complaints or investigations against this individual in order to maintain the integrity of ongoing investigations.
CFN
Can you please confirm that Mr. Latour is in good standing with the FSCO and active to sell insurance products via the FSCO as of this email?
FSCO
Gilles Latour is currently authorized to sell life insurance and accident and sickness insurance by FSCO.
Information about licensed individuals is available on FSCO’s website at: http://www5.fsco.gov.on.ca/alias2a/agents.aspx
There you have it. Would you buy insurance from Gilles Latour? Do you feel the FSCO is doing a good job in this situation? Do you think they too should have suspended Mr. Latour?
What do you think dear CFN viewers? You can post your comments below.
This is crazy. As soon as he was charged by the CPS and suspended by the MFDA he should have been suspended by any other organizations he belonged to.
His name is mudd, He would have to cooperate & earn his trust back,so no,I would not buy any policy from him.
Any “buddy” of Max Keeping would have to be closing in on sainthood. No?
Segregated funds are sold via an insurance license under the insurance act. Which means that if his license has not been revoked or suspended then he can not only sell life insurance he can sell ALL insurance products which includes investments. This information can easily be verified by calling your insurance representative.
What would be interesting would be whether the companies he sells insurance products for are fully aware of his circumstances. Mutual fund licensing and insurance products licensing involves different acts of law and licensing bodies.
Hugger the problem is plain, he hasn’t broken rules under the insurance act. Great system to protect the general public from unscrupulous types when it comes to money eh. Welcome to Ontario, Canada 2016.
He may have not broken any rules under the insurance act. But it would make sense if the governing bodies in all financial dealings cooperated with each other and if someone is suspended by one organization he should be investigated / suspended by other financial organizations.
Hugger especially, if a party isn’t cooperating with said investigation…
Admin……….agreed or well, duhhhhhhhhhhhhhh.
Would it not be great if we could use common sense and offer protection to those that some would take advantage of? Personally I feel that those that take advantage of children, mentally challenged and seniors are the most vile of criminal types and that sentences for them should more accurately reflect their crimes. The liberal approach of listening to excuses for their actions and forgetting the victims is not my concept of a progressive society. Laws without teeth do not serve as deterrents.
New York city benefited and changed for the better when laws with teeth were introduced. Criminals, when the changes were implemented, quickly realized that there were greener pastures.
If Latour is found guilty he should be offered an option of a fixed length of incarceration of no less than 15 years or voluntary rescission of his passport no entitlement to social safety net services and mandatory servitude to his victims until debts are paid completely with compounded interest. Any violation would trigger the former incarceration period with no appeal process since their could be no basis for an appeal in the first place.
I would suggest that under our current laws and sentencing of “white collar crimes” it is not likely that any meaningful incarceration is likely. Nor is it likely that the victims will be compensated fully. Tens of millions of dollars collected under the victim surcharge provision but where does the money go? I have never heard of happy endings in these cases, not to say that it hasn’t occurred.
Tragically for a victim of this type of crime the loss of lifetime savings means that living in someone’s basement is their likely reality. While the offender lives in a great neighbourhood in a large comfortable house eating well and planning for their future. What should be the consequences of deliberately ruining someone’s life?
“His name is mudd” more like the word that starts with S the four letter word that I cannot print here. I wouldn’t buy a stick of bubble gum from this fraud for any amount of money and he deserves both prison as well as to pay back all what he has stollen from everybody. Like I said before there are no laws in Canada at all and especially in Cornwall. Ottawa has a great deal more laws than Cornwall and so does everywhere else. Cornwall is something mighty backward.