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Canadian adviser repays $1.6 million fraud

A Montreal-based financial adviser has been ordered to make a payment of CA$1.6 million to reimburse the corporate regulator for compensation paid to aggrieved former clients.

The Canadian Superior Court ordered former adviser Carole Morinville to repay L’Autorité des Marchés Financiers (AMF) – the Quebec securities regulator – the sum in repayment for compensation issued by the regulator to former clients of Morinville out of its indemnity fund.

Ms Morinville was found to have operated a Ponzi scheme that victimised at least 32 investors, including Canadian actress Karine Vanasse.