Gilles Latour fined $900K for misconduct

In this Oct. 22, 2012, file photo, Gilles Latour makes a presentation to Cornwall city council. (Newswatch Group/Bill Kingston, File)

TORONTO – A Cornwall financial advisor has been fined $900,000 by the regulator of Canada’s mutual fund dealers.

The Mutual Fund Dealers Association of Canada is also permanently banning Gilles Latour from conducting securities related business while working or associated with any MFDA member.

The fine could be reduced if restitution is paid to the alleged victims.

The sanction, which was handed down Monday (Nov. 28) in Toronto, also includes $10,000 in legal costs.

What’s not clear is whether the fines will be paid as Latour has undergone bankruptcy proceedings.

The MFDA ruled that Latour solicited or accepted a total of $651,946 from at least three “vulnerable” clients between 2007 and 2014 and failed to return or account for the money.

Latour was also found guilty of being uncooperative with the MFDA during its investigation.

The MFDA proceedings were conducted earlier this year by a hearing panel for the self-regulating body that oversees 83,000 approved mutual fund dealers across Canada.

They are separate from the criminal proceedings, which will be heard again Friday, Dec. 9, 2016 in a Cornwall, Ont. court.

Latour faces 43 charges including fraud, theft, breach of trust and obtaining and investment by false pretenses.

See related story: Latour speaks to MFDA charges, family and future