MONTRÉAL, June 8, 2011 /CNW/ - A Hearing Panel of the Investment
Industry Regulatory Organization of Canada (IIROC) has found that
Jean-Luc Beaudoin violated IIROC rules by failing to properly supervise
transactions by certain registered representatives who were under his
The panel will meet at a future date to determine the appropriate
penalty. The penalty hearing is open to the public, unless the panel
orders otherwise. Its decision and reasons will be made available at www.iiroc.ca.
Specifically, the panel found that Mr. Beaudoin violated IIROC Rule 1300 by:
failing to properly question the merit of certain trades made by a
representative who was under his supervision, even though the client
was a consultant to the companies involved and there were indications
of possible market manipulation.
The panel also found that Mr. Beaudoin violated IIROC Rule 29.1 by:
failing to keep a proper record of his daily supervision reviews, his
inquiries and their follow-up regarding the trading activity of the
representatives under his supervision.
The panel also found that two allegations were unfounded: that Mr.
Beaudoin failed to question receipt of certain securities by
representatives under his supervision; and that he failed to question
the merit of certain transactions in client accounts.
IIROC began investigating Mr. Beaudoin's conduct in February 2008. The
violations occurred while Mr. Beaudoin was the Branch Manager at the
Brossard branch of Desjardins Securities Inc., an IIROC-regulated firm.
Mr. Beaudoin is still registered with this firm.
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 and permanent bans or
terminations 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.
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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information:
| For further information, please contact || |
| Carmen Crépin |
Vice President, Québec
| Elsa Renzella |
Director, Enforcement Litigation
| || |