A Montreal lawyer disbarred for 10 years for misappropriation.
The disciplinary committee of the Chambre de la sécurité financière has had a busy month, sanctioning at least four members in the past month.
The CSF is a unique body in Canada. It maintains and oversees the discipline, training, and ethics of 32,000 professionals practicing in group savings plan brokerage, financial planning, insurance of persons, group insurance of persons, and scholarship plan brokerage. In all Canadian provinces except Quebec, mutual fund dealers and representatives are subject solely to securities regulatory organizations like the Mutual Fund Dealers Association of Canada.
Sylvain Letang, a financial security advisor from the Gatineau region, was immediately but provisionally stricken off the roll after he allegedly placed himself in a conflict of interest by borrowing $92,3000 from clients. It is alleged that he also misappropriated $5,000 from a client.
Stéphane Rivard could not bear to open correspondence from the Quebec taxman.
During a stretch of four years, between 2007 and 2011, letters outlining collection procedures and seizures launched against him by Revenue Quebec were put by the wayside. Rulings by Quebec Superior Court and by the Federal Court of Canada in 2012 over his tax affairs too were ignored.
On February 2015, it all came to a head when Revenue Quebec sought a petition in bankruptcy, a development that was reported by a French-language paper.
A Montreal law firm caught in a web of lawsuits after a former partner allegedly orchestrated a multi-million dollar Ponzi scheme lost a key legal battle.
Misappropriation of funds happens more frequently than the profession cares to admit, particularly thefts from a law firm’s general accounts.