CORNWALL – A Cornwall financial advisor could lose his ability to trade securities Friday when the Mutual Fund Dealers Association of Canada holds a hearing in Toronto.
Gilles Latour has been issued a Notice of Application by the MFDA, a mutual fund regulator.
Latour is facing criminal charges of fraud, theft by conversion, false pretenses and breach of trust.
The five-page Notice of Application states “the charges against Latour are likely to being the capital markets into disrepute” and is recommending his trading privileges be suspended.
Two clients, who came forward to police, allegedly lost a total of $201,000, either by theft, fraud or false pretenses, according to documents obtained by the Seaway News.
The MFDA says it’s also unearthed two more clients, since police laid charges. In all, the victims allege they lost or have not been paid back a total $615,946.
None of the allegations against Latour have been proven in court.
While Latour has been able to trade securities, the Ontario Securities Commission had ordered that his work should be under strict supervision with monthly reports, as of Sept. 29, 2014.
Latour will appear in Cornwall court on Monday to face his criminal charges.