Originally Syndicated on October 18, 2023 @ 11:22 am
Table of Contents
Serge Robichaud claims to be a bilingual financial advisor who is fluent in both English and French, the two official languages of Canada. Robichaud, who resides in Moncton, New Brunswick, claims to be renowned for both his skill at managing client funds and his ethical approach to financial planning.
As of right now, Serge Robichaud works as a financial advisor at Canada Life & Quadrus Investments, where he claims that he gives clients useful advice on financial planning, maintains their investments and insurance policies, and performs other related tasks.
He claims to be providing a variety of financial planning services to his clients as a seasoned financial advisor at Canada Life & Quadrus Investments. He claims that he has ten years of expertise in the banking sector, and at Scotiabank, he assisted in the management of more than 600 client accounts.
Being a self-absorbed person Robichaud claims that due to his fluency in multiple languages and depth of knowledge in financial planning, he is a priceless resource for his clients. He claims to be devoted to assisting customers in reaching their financial objectives and provides insightful counsel all along the way.
Serge Robichaud claims that he has a strong interest in the outdoors outside of work. Serge shows off his sports skills and claims that he typically spends weekends camping, hiking, and fishing in Moncton, New Brunswick enjoys imparting his expertise and talents as an accomplished fisherman to gorgeous surroundings because he claims to be finding consolation there.
In addition, he claims that he believes that hiking is a fantastic opportunity to relax and stay active while discovering new paths and undiscovered natural treasures. He claims that he appreciates the chance to disconnect from technology and spend time with his loved ones while camping.
Serge Robichaud – Disciplinary action will be announced by the MFDA
The Mutual Fund Dealers Association of Canada (“MFDA”) has commenced disciplinary proceedings in respect of Serge Luc Robichaud (“Respondent”). In its Notice of Hearing dated December 16, 2016, the Staff of the MFDA alleges that the Respondent engaged in the following conduct contrary to the By-laws, Rules, and/or Policies of the MFDA:
Allegation 1– Between roughly January and April 2015, the Respondent engaged in conduct that violated the Member’s policies and procedures, MFDA Rules 1.1.2, 2.5.1, 2.4.2, and 2.1.1, as well as sections 13.7 and 13.8 of National Instrument 31-103. The Respondent entered into a referral agreement with a third party, referred at least 11 clients to the third party, and received payment from the third party.
- A Member during the course of its investigation into his behaviour, obstructed the Member’s ability to oversee and look into the Respondent’s behaviour in violation of MFDA
- Allegation 2- From around June 2015 to January 2016, the Respondent gave the following individuals incorrect or deceptive statements:
- Rule 2.1.1.
- MFDA Staff during the course of its investigation into his conduct, thereby interfering with Staff’s ability to conduct its investigation, contrary to MFDA Rule 2.1.1 and section 22.1 of MFDA By-law No. 1.
Allegation 3- The Respondent in August 2015 gave false and deceptive answers to a questionnaire from the Member with whom he sought to register, stating among other things:
- When it had not, his mutual fund registration with his former Member had been cancelled in good standing.
- Despite the fact that he had, he had never been fired for breaking regulations or norms of business conduct. Contrary to MFDA Rule 2.1.1, this would mislead the Member and hinder its capacity to perform due diligence on the competence and fitness of a person applying to register with the Member.
Allegation 4 – In violation of the Member’s rules and procedures as well as MFDA Rules 1.1.2, 2.5.1, and 2.1.1, the Respondent obtained and kept 22 blank or partially completed pre-signed account forms for seven clients between approximately September 2010 and October 2015.
MFDA Hearing and Proceedings Details
The first appearance, in this case, will be held via teleconference on January 30, 2018, at 10:00 a.m., or as soon as the appearance can be held before a Hearing Panel of the MFDA’s Atlantic Regional Council to set a date for the start of the hearing on the merits and to address any other procedural issues.
Except as may be necessary for the safeguarding of secret information, the appearance will be open to the general public. There will be a hearing on the merits and it will take place in Moncton, New Brunswick at a time and venue will be announced.
During the period described in the Notice of Hearing, the Respondent conducted business in Dieppe, New Brunswick.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice, and business conduct of its Members and their approximately 83,000 Approved Persons with a mandate to protect investors and the public interest.
Source– MFDA announces disciplinary proceeding in respect of Serge Robichaud (newswire.ca)
Serge Robichaud Canada- MFDA (Mutual Fund Dealers Association) (The organization that has commenced disciplinary proceedings in respect of Serge Robichaud Canada)
A self-regulatory organization (SRO) in Canada, the Mutual Fund Dealers Association of Canada (MFDA), supervises dealers that sell mutual funds and exempt fixed-income securities. It has a license from every provincial securities authority in Canada, with the exception of Quebec, where it works in conjunction with the AMF. Its members are the distribution branch of the market, which primarily offers exempt fixed-income products and mutual funds to Canadians via financial advisors.
It operates in conjunction with another SRO in Canada, the Investment Industry Regulatory Organization of Canada (IIROC), which is in charge of distributing stocks, exchange-traded funds (ETFs), and other exchange-traded goods including closed-end funds.
Serge Robichaud Canada- Briefing Financial Fraud (The crime committed by Serge Robichaud Canada)
The majority of victim compensation systems don’t pay out for money lost to fraud or dubious scams. You must research the victim compensation legislation in your particular state. The sole avenue for recovering lost money legally may be through civil justice.
Financial fraud is when someone steals your money or otherwise jeopardizes your financial stability through false information, dishonest tactics, or other illegal methods. This can be accomplished in a number of ways, including investment fraud and identity theft.
It is important to report the crimes to the appropriate agencies and law enforcement as soon as possible irrespective of the type of financial fraud. Fraudulent charges should also be disputed or cancelled as soon as they are discovered as well. Furthermore, victims should collect documentation related to the crime, such as bank statements, credit reports, and tax forms from current and previous years, and continue to file important information throughout the reporting process.
Types of Theft
- Identity theft occurs when someone obtains your personal financial data, such as your bank account or credit card number, and uses it to make unauthorized withdrawals from your account. Sometimes, someone will use the data to open credit or bank accounts, leaving the victim responsible for all fees. Identity theft can result in bad credit, failed checks, refused payments, and collection agency harassment.
- Financial fraud Selling investments or securities that contain fraudulent or deceptive information falls under this category. False promises, withholding information, and insider trade advice are just a few examples.
- Fraud in Mortgage and Lending A third party could open a loan or mortgage using incorrect information they obtained from you. In a different scenario, lenders might market mortgages or loans using false information, dishonest methods, and other high-pressure sales techniques.
- Mass Marketing Fraud The fraud is committed through mass mailings, telephone calls, or spam emails. It also includes fake checks, charities, lotteries, honour society invitations, and more. These modes are used to steal personal financial information or to raise contributions to fraudulent organizations.
Wrap-Up
Ever since mutual funds came into existence, investors have widely held them. The convenience and flexibility of mutual funds make them a lucrative deal for new investors.
However, like any other investments, Mutual Funds investments are dependent on market risks, and there is no guarantee the goals of the mutual fund plans will be accomplished.
So, before you make any decision regarding investing in any mutual fund scheme, look for professional advice, and validate the content, terms, and conditions of the scheme to make a well-informed investment decision.
