Latour’s trading abilities collared

Gilles Latour (front, right) makes a presentation to Cornwall city council in October, 2012. (Cornwall Newswatch/File)

TORONTO – A regulator of mutual funds has temporarily restricted Cornwall financial consultant Gilles Latour from performing securities-related activities outside its jurisdiction.

A three-person hearing panel of the Mutual Fund Dealers Association of Canada met in Toronto this afternoon for an Application Hearing to strip Latour of his ability to trade securities.

Latour is facing criminal charges of fraud over $5,000, theft by conversion, breach of trust and false pretenses.

He is accused of defrauding two investors of just over $200,000, according to court documents obtained by the Seaway News. The MFDA says it has found two more clients who it believes were also defrauded. None of the allegations, either by police or the MFDA, have been proven in court.

Latour will be in a Cornwall court Monday.

The panel heard submissions Friday and adjourned until Nov. 11 at 10 a.m. In the meantime, the panel made an interim order prohibiting Latour from engaging in any securities related activities outside Equity Associates Inc., the mutual fund provider for Latour Financial Group.

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