Turnaround in case of data theft in Desjardins Group. A Quebec broker suspected of purchasing data relating to 40,000 clients will be able to continue to practice and remain on top of their business until they return to court.
On February 18, the judge of the Supreme Court of Quebec, Benoit Moulin, ordered the suspension of the orders of the Administrative Court of Financial Markets against François Bellaregon-Bouchard.
In January, the TMF suspended, on a temporary basis, the right to exercise by actors in people insurance and group savings plans.
He had to suspend all activity with the aim of directly or indirectly conducting a transaction in securities.
A new executive has also been appointed to head the Bouchar Financial Group.
The investigation is still underway
These measures were to be in effect until the final decision of the Disciplinary Committee of the Financial Security Chamber regarding the disciplinary complaint filed against François Bellaregon-Bouchard.
An investigation by the March Funding Authority (AMF) is also ongoing.
Francois Bellargon-Bouchard filed a legal appeal. As a result of this interim decision, it will be able to continue its activities until 2 June 2021, when the request is heard.
However, as scheduled, he must provide the authorities with client lists containing information on Desjardins members.
It was the Arab Monetary Fund that called for the suspension of the broker’s practice certificates for the duration of the investigation.
‘Several legal errors’
François Bellaregon-Bouchard alleges in his application that the TMF made “several legal errors”, in particular “by failing to observe the important elements presented in the evidence” and “taking into account facts not included in the evidence”. He also asserts that in the absence of residency, he will suffer “serious irreparable damage”, just like his work.
Judge Benoit Mulan wrote in his decision that granting the requested residency “appears fair and equitable”.
“It is difficult to see how public protection will be questioned by stopping orders from the TMF, while the harassment these same orders will cause applicants will increase during the months they will file an application without this residency.”
► François Baillargeon-Bouchard acknowledged having bought and used listings containing information on Desjardins’ customers. He would have spent $ 41,813.07 to get information on 40,000 customers.