Cease and desist order issued against Quebec-based company

The Financial Services Commission of Ontario (FSCO) has issued a cease and desist order against a Quebec-based business operating in Ontario.
A FSCO investigation found that Socit de Cautionnement Inc. (otherwise known as Canadian Bonding Corporation), Gestion Lamca Inc. (otherwise known as Lamca Holdings Inc.) and Roger Goulet were operating in the business of insurance in Ontario without a licence.
FSCO’s superintendent issued a permanent cease and desist order against all three parties, banning them from ever conducting business in Ontario.
An interim cease and desist order had been issued to the three parties in May 2005; the order prompted Roger Goulet to make a request for a hearing before the Financial Services Tribunal. He subsequently abandoned the hearing.
Last month, Gestion Lamca Inc. was found guilty on two charges arising from breaches of the Superintendent of Financial Services’ Interim Cease and Desist order. The company was fined Cdn$50,000 on each charge.