How one top producer got away with bad behaviour

Jacques-André Thibault was banned from the Quebec securities industry for 11 years in 2014, based on 11 offenses committed against three clients.

Now, Conseiller.ca has discovered that three other clients complained about Thibault for insurance policies bought between 2004 and 2008.

Jacques Duval, a well-known automotive columnist, complained in January 2008 to AIG Life of Canada about Thibault, writing, “It is extremely urgent that Mr. J.A. Thibault be brought to order.” Duval complained to Peter McCarthy, then-CEO of AIG and now CEO of BMO Insurance, and Steve Parrott, then an assistant vice-president and ombudsman at AIG. (BMO acquired AIG April 1, 2009.)

This letter was part of evidence filed by lawyers of advisor David Hébert as part of his lawsuit against BMO Insurance, CEO Peter McCarthy and his two vice-presidents, Daniel Walsh and Caron Czorny.

Duval asked that his insurance policy, sold to him by Thibault, be cancelled immediately, alleging that Thibault had the sole objective of “getting rich at his expense.” He added, “I’m already starting to receive phone calls from other people who purchased AIG policies through Mr. Thibault and they’re beginning to worry about the soundness of their investments.”

On February 15, 2008, after several exchanges, Parrott told Duval he would not cancel the policy in question, writing, “the arrangements you have made appear to be well-founded.”

But Duval disagreed. Read the full story on Conseiller.ca (in French).

Conseiller.ca Staff

The staff of Conseiller.ca have been covering news for Quebec financial advisors since 2000.