BREAKING MFDA Responds to Gilles Latour Media Quotes by Jamie Gilcig DEC 2, 2016

BREAKING MFDA Responds to Gilles Latour Media Quotes by Jamie Gilcig DEC 2, 2016

Cornwall Ontario – Holy Gilles Latour!   The former Liberal bag man spoke to Bill Kingston, and reading his words you almost want to pat him on the back and put a few coins in his cup.

However the evidence that has been displayed so far paints a different picture.

Latour has yet to explain the more than $650,000 that was failed to be repaid from clients, including his own mother.  He’s also facing 43 criminal charges.   And probably would have a few more if the CCPS had more than one officer working in Fraud and crimes of the nature connected to Mr. Latour which can lead to lengthy delays.

Here are a few of the gems that Mr. Latour spouted:

“They’ve decided to go ahead and do what they’ve done yesterday which is kind of ridiculous. I am at a point right now, what’s the most important part, other than my family, is the criminal case. And the way they’ve (MFDA) been sharing information with pretty much everyone…they’ve written a total of 22 stories. It’s not a way to be dealing with these important issues…through the media,” Latour said.

“They’ve decided that, hey, we’re the MFDA and we’re going to do what we do best.”

Latour is adamant he has cooperated with the Mutual Fund Dealers Association and “all that they’ve recommended.”

Perhaps Mr. Latour thought that a friendly police force and police board might not pursue his case as hard as would be the norm, or that some sporting buddies that sit on the bench might give him some “Cornwall Justice” which would impact licensing decisions?    So far, at least at the MFDA level, this has been a clearly documented and visible process that is showing a clear desire to protect investors from the exact type of actions alleged against Mr. Latour.

Of course, the educationally handicapped Mr. Latour might not realize that in agreeing to the terms and conditions of being licensed by the MFDA and other associations he agreed to terms and conditions as well as processes.

“My name is pretty much mud in the city and as far as the financial industry. But I plan on making sure that everyone knows the truth about what actually went on. But it has to take its time. Unfortunately it’s two-and-a-half years. I will definitely clear my name.”

The MFDA responded:

The MFDA conducted a disciplinary proceeding which found that Mr. Latour solicited and failed to repay more than $650,000 from clients, and then failed to cooperate with the MFDA’s investigation into his conduct. The Hearing Panel issued Reasons for Decision (Misconduct) dated June 7, 2016 which are available on the MFDA’s website. The Reasons for Decision address why Mr. Latour’s request to adjourn the MFDA’s disciplinary proceeding until the criminal charges against him were resolved was denied (see paragraph 21) and speaks for itself with respect to the extent of Mr. Latour’s misconduct. Mr. Latour attended the disciplinary proceeding (including the penalty hearing) against him by teleconference. The MFDA has continuously acted in accordance with all regulatory requirements and to ensure Mr. Latour received the opportunity to fully respond to the case against him.

 

Regards.

 

Charles A. Toth 
Director, Litigation

Mutual Fund Dealers Association of Canada

At the end of the day most of the victims monies most likely will be lost.

 

“My name is pretty much mud in the city and as far as the financial industry. But I plan on making sure that everyone knows the truth about what actually went on. But it has to take its time. Unfortunately it’s two-and-a-half years. I will definitely clear my name.”

“Everything will get cleared up hopefully in a matter of months because I would like to get on with my life.”

Oddly enough CFN asked Mr. Latour for comment multiple times because we fight for freedom of speech and always will clear space for all sides in any issue.  He has never responded in spite of this newspaper reaching more of “everyone” in the region than any other local media outlet.

CFN spoke with multiple experienced legal professionals who estimated that just reviewing the information disclosed to date that Mr. Latour is facing at least six months in jail to as long as five years depending on the bent of his judge, and if it was felt that this was more purposely done than simply “Latoured”.

What do you think dear CFN viewers?   You can post your comments below.

Edited for typos.

 

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