MONTREAL, Nov. 16, 2011 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment
Industry Regulatory Organization of Canada (IIROC) in the matter of
Pierre Lalonde. The hearing shall constitute the resumption of the
penalty hearing commenced on October 31, 2011.
At the set date hearing on September 15, 2011, Mr. Lalonde acknowledged
his guilt in respect of the following allegations:
On or about May 15, 2007, he engaged in business conduct unbecoming and
detrimental to the public interest, by appropriating funds from one of
his clients for personal ends as part of the professional relationship
developed with that client, contrary to By-law 29.1 of the IDA;
In 2005, he engaged in business conduct unbecoming and detrimental to
the public interest, when he planned financial arrangements for his own
personal ends as part of the professional relationship developed with
one of his clients, contrary to By-law 29.1 of the IDA;
From December 2003 to May 2007, he compromised his clients' trust by
fabricating false documents, contrary to By-law 29.1 of the IDA;
From December 2005 to May 2007, he engaged in professional conduct that
was not in his clients' interest, by accepting instructions from an
unauthorized third party, contrary to regulation 200.1(i)(3) of the
On or about March 8, 2007, he engaged in inappropriate professional
conduct by personally guaranteeing the value of a security, contrary to
By-law 29.1 of the IDA.
The penalty hearing is open to the public, unless the Hearing Panel
December 8, 2011, 9:00 a.m.
2200 Mansfield Street
Mansfield 6 Room
IIROC formally initiated the investigation into Mr. Lalonde's conduct in
June 2009. The violations occurred while Mr. Lalonde was a Registered
Representative with the Montréal Branch of BMO Nesbitt Burns Ltd. Mr.
Lalonde is no longer a registrant 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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