A failed financial advisor betrayed one of his own friends by “misappropriating for his own benefit” a sum of $60,000 that had been entrusted to him, a serious offense which resulted in him being disbarred for life.
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This is what we learn in a decision of the disciplinary committee of the Chamber of Financial Security rendered in December.
In winter 2022, Emmanuel Laurence works as a personal and group insurance representative in a small agency in Longueuil. On his Twitter account at the time, he stated that “honesty and sincerity are clear values to which [il] adheres and [qui] will make a difference in the long term.
The fallen financial advisor Emmanuel Laurence abused the trust of one of his friends who had entrusted him with $60,000.
Towards the end of February, one of his friends entrusted him with a sum of $60,000, which he wanted to invest in RBC Assurances and in the life insurance company L’Empire.
Mr. Laurence pretends to accept this mandate, then has his friend sign various documents. He even gives him documents suggesting that the sum was invested in due form.
Money before friendship
The pot aux roses was discovered a few weeks later, and Mr. Laurence was finally found guilty, last July, of having diverted the money “to his advantage to the detriment of his client” and of having produced false documents. He has just been sentenced by the disciplinary committee to permanent disbarment.
-To justify this sanction, the committee notes the “very serious” of the mistakes committed by Mr. Laurence, who “took advantage of the vulnerability” of his friend.
“Honesty and integrity constituting the basis of any professional relationship between a representative and his client, not only are the actions committed by Mr. Laurence at the heart of the profession, but, in addition, they greatly tarnish the entire profession” , we can read in the decision.
He disappears from the map
As during the guilty hearing, Mr. Laurence was absent at the hearing regarding his sanction. Knowledgeable people have indicated to the Journal that he had been in Africa for several months.
He also lost a condo in Brossard, which was returned to judicial control in March 2024. Two months later, rent in his name was also terminated following a decision by the Administrative Housing Tribunal.
As for the deceived friend, he was fully compensated by the Financial Markets Authority.
– With the collaboration of Philippe Langlois
