MONTRÉAL, Nov. 8, 2011 /CNW/ - A Hearing Panel of the Investment
Industry Regulatory Organization of Canada (IIROC) has scheduled a
hearing to determine a penalty for Natalie St-Amant.
In a news release issued June 8, 2011, IIROC announced that Ms. St-Amant violated IIROC
rules when she failed to observe high standards of ethics and conduct
relating to transactions made in her personal account and in some of
her client accounts.
Penalty Hearing Date:
November 14-18, 2011, 10 a.m.
2200 Mansfield Street, Room Mansfield 5
Specifically, the panel found that Ms. St-Amant engaged in conduct
unbecoming or detrimental to the public interest, contrary to IIROC Rule 29.1, when she:
Purchased shares in a public company for her own account and directly
from someone who was an insider of the company involved, all without
her firm's knowledge;
Failed in her duty to protect the public in connection with trades
effected in two securities ordered by a client who was a consultant to
the companies involved, when she knew or should have known that the
trades could be a sign of market manipulation;
Purchased securities for her own account through a registered staff
person at her firm, without the firm's knowledge;
Through another registered staff person at her firm, participated in a
private placement in a public company for her own account, without
informing her firm; and
Together with another registered staff person at Desjardins, responded
to three client complaints by compensating the clients directly,
without her firm's knowledge.
The panel also found that two allegations were unfounded: that Ms.
St-Amant recommended securities held in her own account; and that she
accepted reimbursement from another representative for her portion of
the compensation paid to clients, without her firm's knowledge.
The violations occurred in 2005 and 2006 while Ms. St-Amant was a
Registered Representative at the Brossard branch of Desjardins
Securities Inc., an IIROC-regulated firm. IIROC began investigating Ms.
St-Amant's conduct in November 2006. Ms. St-Amant is still employed in
a registered capacity with an IIROC-regulated 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
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