SAMHAT Financial and Insurance Services Inc., along with its employees Marwa Samhat and Haissam Bassam, have been fined more than $750,000  by the Court of Quebec.  

On Feb. 9, Judge Dominique B. Joly, of the Court of Quebec, District of Montreal, imposed these sanctions following a criminal lawsuit initiated by the Autorité des marchés financiers.  

The AMF’s investigation found that Haissam Bassam met with 11 clients in order to sell them life insurance products underwritten by Sun Life Assurance Company of Canada. Marwa Samhat signed the insurance applications as a representative even though she had never met these 11 clients.   

In addition, Bassam was found guilty of making false or misleading representations to customers in connection with the purchase of these life insurance products. Finally, several pieces of false information relating to the clients’ personal and financial situation were sent to the insurer when the life insurance products were purchased.  

Fines imposed  

SAMHAT Financial and Insurance Services Inc. pleaded guilty to one count of having helped Marwa Samhat to transmit false or misleading information to an insurer in connection with activities governed by the Act respecting the distribution of financial products and services (ARDFPS) and one count of having helped Haissam Bassam to act as a life insurance representative without holding a certificate issued for this purpose by the AMF. The firm was fined a total of $547,637.50.  

Marwa Samhat pleaded guilty to 12 counts of transmitting false or misleading information to an insurer in connection with activities governed by the ARDFPS and one count of helping Haissam Bassam to act as a life insurance representative for 11 clients without holding a certificate issued for this purpose by the AMF. Samhat was fined a total of $112,000.  

Finally, Haissam Bassam pleaded guilty to one count of acting as a life insurance representative for 11 clients without holding a certificate issued for this purpose by the AMF and nine counts of transmitting false or misleading information to insureds. He received a total fine of $89,500.