Unregistered rep faces 11 AMF charges, fine

By Staff | June 1, 2012 | Last updated on June 1, 2012
1 min read

The Autorité des marchés financiers (AMF) has launched a penal proceeding against Sylvain Laroche, born August 6, 1961*, for illegal distributions and illegal practice as a securities dealer and derivatives adviser.

He’s now facing 11 charges, and the AMF is seeking $432,000 in fines from him.

Laroche allegedly convinced two investors to make investments in the form of loans that generated significant dividends. One investor withdrew all his investments with a major insurance company and mortgaged his home in order to give Laroche a larger investable sum.

He then traded in standardized derivatives involving the price of crude oil on the New York Mercantile Exchange. The various trades he made caused the investors to lose nearly all their initial investments, totaling just over $228,000.

Laroche was not registered with the AMF to act as a securities dealer and derivatives adviser.

*The accused Sylvain Laroche should not be confused with the financial planner and dealing representative (mutual fund dealer) Sylvain Laroche whose registration number is 144 577.

Advisor.ca staff


The staff of Advisor.ca have been covering news for financial advisors since 1998.