MONTREAL, Feb. 15, 2012 /CNW/ - A penalty hearing has been scheduled
before a Hearing Panel of the Investment Industry Regulatory
Organization of Canada (IIROC), in the matter of Stéphane Rail.
The panel will consider the appropriate penalties to be imposed as a
result of their decision dated December 12, 2011, which found Mr. Rail
liable for violating IIROC rules.
Mr. Rail was found to have impeded the IDA's (now IIROC) investigation
when he lied about an individual's involvement in a client account,
failed to use due diligence to learn and remain informed of the
essential facts relative to a client account and to every order
accepted, considering that the Authorized Individual had been deceased
since 1994, and accepted instructions from an unauthorized person
approximately 124 times.
The Hearing Panel's liability decision is available at:
The penalty hearing is open to the public, unless the panel orders
otherwise. Documents related to ongoing IIROC enforcement proceedings -
including Reasons and Decisions of Hearing Panels - are posted on the
IIROC website as they become available. Click here to search and access all IIROC enforcement documents.
Penalty Hearing Date:
February 24, 2012 at 10:00 a.m.
2200 Mansfield Street,
Room Mansfield 2
IIROC formally initiated the investigation into Mr. Rail's conduct in
November 2009. The violations occurred when he was a Registered
Representative with the Québec City branches of TD Evergreen and
Canaccord Capital Inc., both IIROC-regulated firms. Mr. Rail is no
longer a registrant with an IIROC-regulated firm.
* * *
IIROC is the national self-regulatory organization which oversees all
investment dealers and trading activity on debt and equity marketplaces
in Canada. Created in 2008 through the consolidation of the Investment
Dealers Association of Canada and Market Regulation Services
Inc., IIROC sets high quality regulatory and investment industry
standards, protects investors and strengthens market integrity while
maintaining efficient and competitive capital markets.
IIROC carries out its regulatory responsibilities through setting and
enforcing rules regarding the proficiency, business and financial
conduct of dealer firms and their registered employees and through
setting and enforcing market integrity rules regarding trading activity
on Canadian equity marketplaces.
IIROC investigates possible misconduct by its member firms and/or
individual registrants. It can bring disciplinary proceedings which may
result in penalties including fines, suspensions, permanent bars,
expulsion from membership, or termination of rights and privileges for
individuals and firms.
All information about disciplinary proceedings relating to current and
former member firms is available in the Enforcement section of the IIROC website. Background information regarding the
qualifications and disciplinary history, if any, of advisors currently
employed by IIROC-regulated firms is available free of charge through
the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or
marketplace-related complaints is available by calling 1.877.442.4322.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information:
Vice President, Québec
Director, Public Affairs