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Fines of more than$ 13 Million for false subscriptions of life insurance

by

Writing

8 May 2019 11:30

The Court of Quebec, district of Gatineau, has imposed fines totalling 13 055 984 $ to Michel Bernard for you have purchased life insurance contracts to clients fictitious, the result of an agreement between the respondent and thefinancial markets Authority.

Mr. Bernard has pleaded guilty to the two counts with which he was faced, underlined the Authority. It has provided false or misleading information to the’Equitable life assurance company of Canada and Foresters life insurance Company through false sales of life insurance and the health of accounts receivable for loans to clients fictitious.

As reported by FlashFinance.ca, a publication sister-in-law of the Journal of insurance, the respondent has 105 proposals in the name of 210 insured for claims that are not real. The same ploy was used with another insurer, for 128 proposals on behalf of 251 insured. The alleged offences took place between December 2013 and September 2016, while Mr. Bernard was exercising his activities within the firm BGA Financial Group.

Since his firm went bankrupt, the Authority has agreed to withdraw the two counts aimed BGA, or to have provided false or misleading information to insurers referred to.

He was also sentenced to permanent removal of the Chambre de la sécurité financière in November 2017.

The amount of fines corresponds to twice the benefit that the respondent has completed, or 6 527 992 $, indicates the Authority.

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