The Financial Markets Authority has blocked the accounts of a savings and insurance broker, Sébastien Courcelles. The financial products watchdog suspects him of embezzling $162,000 from clients of Trek Financial Coaching and Investia Financial Services, a subsidiary of insurer Industrial Alliance.
At the request of the Financial Markets Authority (AMF), the Financial Markets Administrative Tribunal also suspended the former broker’s license. Between November 2022 and October 2023, Mr. Courcelles allegedly misappropriated the money of “at least 15 clients”.
According to the AMF prosecutor, almost all of the money had been used “for personal purposes”: restaurants, golf, daycare and rent. Courcelles also allegedly transferred $60,000 to his partner Marie-France Denis, whose account the Authority also blocked. One of Mr. Courcelles’ former clients lost $28,000 in this alleged fraud.
