As we learned earlier this month, Jacques-André Thibault was banned from the Quebec securities industry for 11 years in 2014, based on 11 offenses committed against three clients. He was also the reason for complaints from three AIG clients between 2004 and 2008.
Now, Conseiller.ca has discovered Thibault allegedly defrauded Empire Life from 1986 to 2001, but has never faced criminal charges.
After two civil trials, one in Quebec (filed in 2002, concluded in 2011) and one in Ontario (filed in 2002, concluded in 2012), Thibault was ordered to pay Empire Life $35.8 million for misappropriation of funds.
Yet Thibault was able to continue his career throughout the civil trials, even receiving salesperson of the year honours from AIG (now BMO Assurance) for 2002 and 2003.
On October 15, 2012, Judge Julie A. Thorburn of the Superior Court of Ontario wrote: “I am satisfied on a balance of probabilities that Mr. Thibault committed fraud.”
But Thibault was never prosecuted for criminal fraud, and he has only paid Empire Life a fraction of what he owes. And in 2012, he declared personal bankruptcy of more than $75 million – the largest bankruptcy in Quebec that year.