MFDA says advisor took money from elderly clients

By Andrew Rickard | January 11 2016 11:29AM

The Mutual Fund Dealers Association (MFDA) alleges that Gilles Robert Latour took more than $651,946 from three vulnerable clients aged 80, 67, and 87. The oldest client was in a nursing home at the time.

In an announcement of disciplinary proceeding published on Jan. 8, the MFDA says that Latour, a former advisor with Equity Associates in Cornwall, approached elderly and vulnerable clients and obtained money from them in exchange for promissory notes. In all three cases, the MFDA alleges that Latour has failed to return or otherwise account for the money.

When the MFDA began its investigation into the matter, the regulator says Latour failed or refused to provide documents and information and that he also failed to attend an interview. "Due to the Respondent’s failure to cooperate with the MFDA’s investigation, Staff has not been able to determine the full nature and extent of the Respondent’s conduct ... and the extent to which he may have engaged in similar conduct with other clients and individuals," reads the notice of hearing.

The MFDA notes that police have already charged Latour with 43 offences under the Criminal Code, including fraud, theft, breach of trust, obtaining an investment by false pretenses, and knowingly using a forged document.

Equity Partners terminated Latour's contract in 2014, and he is not currently registered in the securities industry in any capacity.

None of the allegations have been proven, and the first appearance in this proceeding is scheduled to take place on Feb. 2, 2016.