A former broker in group savings, the National Bank accused of fraud

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Jean-François Desbiens

Wednesday, 28 February 2018 16:38

UPDATE
Wednesday, 28 February 2018 17:02

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A former dealer mutual fund National Bank at Richmond in the eastern Townships is accused of a major fraud.

Xavier Gervais appeared last week at the palais de justice de Sherbrooke under four counts of fraud.

His alleged victims, four investors, would have assigned amounts totaling $ 1.7 million in the believer to make safe investments.

But there was nothing.

Through a company of which he was the sole shareholder, X Capital Financial Services, Xavier Gervais would have transferred all or part of the funds to his personal accounts.

It is the National Bank, for which he worked until the end of may 2017, which has expressed doubts that it had the financial markets Authority (AMF).

The investigation of the Sûreté du Québec is initiated after that of the AMF. The supervisory body has obtained in July last, a freeze order on all assets and personal accounts of the accused, 32 years of age as well as its client accounts.

The misdeeds which are committed by the criminal alleged to have been committed by 2015 to 2017. Among his four alleged victims, farmers who wanted to make safe investments after having sold their land.

According to what we could learn, the people flouées would have been compensated by the National Bank for their losses.

The criminal case Xavier Gervais will be back in court on April 30.

Criminal charges could follow; the financial markets authority continues its investigation.