Turnaround on data theft in the Desjardins Group. The Quebec broker suspected of having purchased data on 40,000 clients will be able to continue the practice and head his business until he returns to court.
On February 18, Quebec Superior Court Judge Benoit Moulin ordered the suspension of orders issued by the Financial Markets Administrative Tribunal (TMF) against Franకోois Baylorjan-Bouchard.
Last January, the TMF suspended the entitlement of representatives to individual insurance and group savings plans.
He had to suspend all activities with the intention of making the transaction in securities direct or indirect.
Bouchard is also expected to appoint a new executive to head the financial group.
The investigation is still ongoing
These actions are in effect until the disciplinary committee of the Chambre de la Sacrt financier makes a final decision on the disciplinary complaint established against Franకోois Baylorgian-Bouchard.
The Autorite des March Financiers (AMF) investigation is still ongoing.
Franకోois Baylorjan-Bouchard filed an application for legal appeal. As a result of this interim decision, it will be able to continue its operations until June 2, 2021, when the application will be heard.
However, according to the plan, he must provide authorities with lists of clients who have information on Desjardines members.
AMF has called for the suspension of the broker’s exercise certifications for the duration of its investigation.
“Many Defects of the Law”
Franకోois Belarusian-Bouchard, in his request, accused the TMF of “committing several deficiencies in the law”, particularly “failing to consider important facts put into the evidence” and “taking into account facts not put in the evidence”. When he is not staying, he suffers “serious and irreparable damage” like his business.
In his decision, Judge Benoit Moulin wrote that the “granting of the requested accommodation” was “just and equitable.”
“It is very difficult to see how the protection of the public can be questioned by the suspension of orders issued by the TMF, while the inconvenience caused to applicants by similar orders will increase in the months in which they apply. Without such accommodation.”
► Franకోois Baylorgen-Bouchard Desjardins admitted to purchasing and using lists containing information on clients. He spent 8 41,813.07, to get information on 40,000 clients.