Heavy fines totaling approximately $ 750,000 were imposed on a financial services and insurance company as well as on two people after a criminal lawsuit filed by Autorité des marchés financiers.
The fines were imposed on February 9th in Quebec court in Montreal.
According to information shared on Thursday by Autorité des marchés Financers (AMF), SAMHAT Financial and Insurance Services Inc. He pleaded guilty to one count of assisting Marwa Samhat to pass false or misleading information to Sun Life in relation to activities governed by law in relation to the distribution of financial products and services (ARDFPS).
The company, which received total fines in excess of $ 547,000, also pleaded guilty to one count of assisting Hissam Bassam to act as a representative in insurance for people without carrying a certificate issued by that person. Ended by the Arab Monetary Fund, as we said in a press release.
Marwa Samhat will have to pay $ 112,000 after pleading guilty to 12 counts of sending false or misleading information to Sun Life during activities governed by ADFPS and one charge of helping Hissam Bassam to work as a representative in insurance for people with 11 clients. Without the latter carrying a certificate issued for this purpose by the Arab Monetary Fund, this was also clarified.
For his part, Haitham Bassam was fined a total of $ 89,500 after pleading guilty to playing a representative role in insuring 11 clients without having obtained a certificate issued for this purpose from the Arab Monetary Fund, as well as nine counts. To convey false or misleading information to policyholders.