The Financial Markets Court has, for the time being, suspended all the licenses of a Quebec-based insurance professional who is suspected of pocketing the premiums of his clients.
The Autorité des marchés financiers (AMF) suspects that Charlito Hael, a financial security advisor for APO Financial Group, withheld his clients’ insurance premiums between 2015 and 2016, keeping the payments to himself.
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Hael’s licenses were all suspended by the AMF for the duration of the investigation. He practiced in personal insurance, and had even served as a broker’s representative for scholarship funds.
The latest investigation into Hael and APO Financial Services not only looked into how the advisor purportedly misappropriated his clients’ funds, but also how he allegedly sold insurance to customers without actually issuing any real coverage.
Counselor reported that the AMF was unable to disclose the total amount Hael had stolen from his clients, nor how many potential victims were caught up in the scheme.
Officials have advised that anyone with funds, securities or other property belonging to Hael and/or APO Financial Services should notify the authorities immediately.
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