Representative Samuel Parent (certificate No. 228092, NRD No. 3881381) has been ordered to pay a $30,000 administrative penalty by Quebec's Financial Markets Administrative Tribunal (TMF or Tribunal des marchés financiers in French).

At a hearing held on September 30, the TMF approved an agreement reached between the respondent and the Autorité des marchés financiers (AMF). At the time of the events, the respondent was working as a life insurance representative at a firm in Repentigny. He has been authorized to practise in this sector since March 2019.

He had also been registered with another firm as a mutual fund dealer representative since September 2019.

In 2024, the respondent and some of his colleagues were considering moving their business to a new mutual fund dealer. On August 27 and 28, 2024, he sent seven documents to the dealer's managing partner containing confidential information about more than 600 clients of the firm with which he was still affiliated.

In addition to names and contact information, the data included account numbers, mutual fund holdings, and the value or balance of assets held by these clients, who had not consented to the disclosure.

On September 30, 2024, Parent and his colleagues informed the mutual fund dealer of their intention to terminate their business relationship. On October 2, 2024, the firm dismissed the respondent after discovering the leak of confidential information.

Admission of wrongdoing

Under the agreement signed with the AMF on September 2, 2026, the respondent acknowledged having violated section 160 of the Securities Act, as well as sections 8 and 17 of the Regulation respecting the ethics in the securities sector.

The respondent agreed to the sanctions imposed on him: a $30,000 administrative penalty and a two-month suspension of his registration as a mutual fund dealer representative.

In assessing the proposed sanctions under the agreement between the parties, the TMF considered the objective seriousness of the respondent's misconduct, his experience at the time of the events and the extent of the disclosure of confidential information concerning 600 clients. The tribunal also considered the respondent's excellent cooperation with the investigation.

Mandatory training and suspended registration

The TMF considered certain shortcomings in the respondent's understanding of his confidentiality obligations. The training courses he has agreed to complete are intended to address these shortcomings, according to administrative judge Christine Dubé.

He must successfully complete both courses within 60 days of the decision. The first covers the management and protection of personal information. The second addresses compliance reminders relating to cybersecurity and data protection. These courses will not count toward mandatory continuing education credits.

The respondent has also been registered in group insurance of persons since February 2021. According to the AMF's bulletin, Parent established his own firm on February 6, 2026, based in L'Assomption. He conducts life and group insurance business through that firm. He remains affiliated with the previously mentioned Repentigny firm in the same sectors.

The TMF decision was provided to The Insurance Portal by the Autorité des marchés financiers and is still not publicly available.