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Robert Legault fined $89,000

Wednesday, October 15, 2014

Montréal – On October 1, 2014, Justice of the Peace Christine Auger found Robert Legault guilty on one charge of illegally pursuing activities as a securities adviser on a continuing basis. He was ordered to pay a fine totalling $89,000.

According to the judge, prosecuting authorities proved that a management authorization was given by the victim to the defendant. The court deems that it is not necessary for the authorization to be given in writing and that oral authorization is sufficient. The judge concluded that the defendant committed a continuing offence since he remained in a state of criminality throughout the period covered by the charge.

The court dismissed the argument whereby the defendant was not the person who carried out the securities transactions in the victim’s account, since that was not part of the mandate given by the victim. Finally, the court concluded that the defendant did not establish reasonable care as a defence, in particular because of the extent of representations made to convince the victim to hand over to the defendant control over a locked-in retirement account.

The Autorité des marchés financiers (the "AMF") is the regulatory and oversight body for Québec’s financial sector.

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