The Financial Markets Administrative Tribunal is temporarily suspending the right to practice of François Baillargeon-Bouchard, suspected of having purchased stolen information on 40,000 Desjardins clients.
“According to the evidence, Mr. Baillargeon-Bouchard appears to no longer possess the essential qualities required to exercise the functions of a financial representative such as competence, honesty, integrity, loyalty and professionalism,” writes Judge Antonietta Melchiorre in her decision.
The hearing of the representative in insurance of persons and group savings plans took place last fall for several days.
Until further notice, François Baillargeon-Bouchard can no longer act as an insurance representative, decides the judge, and he must cease all activity in order to carry out directly or indirectly a transaction in securities. This is what the Autorité des marchés financiers (AMF) demanded.
François Baillargeon-Bouchard admitted having bought lists containing information on Desjardins clients from Jean-Loup Leullier Masse, another suspect in this case, “without asking any questions”.
The judge also ordered the Bouchard Financial Group to proceed “with the appointment of a new officer”. It must be approved by the AMF.
The Bouchard Financial Group and François Baillargeon-Bouchard must also provide the AMF with all client lists obtained from Jean-Loup Leullier Masse or any other person, including personal information of Desjardins clients.
The AMF’s investigation is continuing and a final decision of the Disciplinary Committee of the Chambre de la sécurité financière on the disciplinary complaint instituted against François Baillargeon-Bouchard has yet to be rendered.