(March 21) – The Investment Dealers Association has slammed a former broker over some very old offenses.
Marc Henri Laurent Lafleur, who was registered with Burns Fry Ltd. before it became BMO Nesbitt Burns, has been hit with a lifetime ban and a $200,000 fine. He has also been ordered to pay $6,000 in costs to the IDA. The Ontario District Council of the IDA imposed the penalty by a written decision March 14, just released today. Lafleur is no longer employed in the industry.
The IDA found that Lafleur took loans from, and sold fictitous securities to five of his client accounts. Twice he misappropriated funds from an elderly client. The fake security scheme was carried out over a two-year period. Lafleur would sell these purported securities to new accounts to pay off the old ones as they matured. This ploy involved $76,500.
He also forged cheques totalling $35,000. The IDA says Burns Fry made complete restitution.
-IE Staff