Enforcement Notice - Decision - IN THE MATTER OF Charline Gilbert - Settlement Accepted

MONTRÉAL, July 31, 2014 /CNW/ - On June 11, 2014, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement between IIROC staff and Charline Gilbert.

Ms. Gilbert admitted that she made false statements to the IDA, now IIROC, and to the various regulatory bodies, in her applications for registration or approval as a registered representative, by declaring under oath that she held a master's degree and then a doctorate in finance.

Specifically, Ms. Gilbert admitted to the following violations:


Between March 7, 1994 and May 16, 2013, Ms. Gilbert made false statements to the IDA, now IIROC, in her applications for registration/approval as a registered representative and in her communications with the various regulatory bodies, by stating that she held a master's degree and/or a doctorate when she had not earned these degrees, thereby engaging in conduct unbecoming or detrimental to the public interest, contrary to By-law 29.1 of the IDA (now IIROC Dealer Member Rule 29);


Since 2005, Ms. Gilbert has misrepresented herself to her clients and participated in publicity and presentations to the public as a person with a master's degree and/or a doctorate in finance, and used the abbreviations corresponding to these degrees on her business cards and other promotional documents, whereas she had not earned these degrees and/or titles, thereby engaging in conduct unbecoming or detrimental to the public interest, contrary to By-law 29.7 of the IDA (now IIROC Dealer Member Rule 29); and


On or around February 8, 2013, Ms. Gilbert remitted to her employer, an IIROC-regulated firm, a copy of an attestation dated February 15, 2000 to the effect that she had satisfied the requirements of a joint Master of Finance program, whereas she knew or ought to have known that this attestation contained false information, with the intention that her employer accept the document as a true copy of the original document and act accordingly, thereby engaging in conduct unbecoming or detrimental to the public interest pursuant to IDA By-law 29.1 (now IIROC Dealer Member Rule 29).


Pursuant to the Settlement Agreement, Ms. Gilbert agreed to the following penalties:


A revocation of her approval and a prohibition against re-approval in any capacity with IIROC for a period of 10 years from this date; and


A fine of $10,000 payable immediately.


Ms. Gilbert also agreed to pay costs in the amount of $5,000.

The Settlement Agreement is at available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=80BE9B3F615D438699D1782CCA23F117&Language=en and the Hearing Panel's decision dated June 11, 2014 at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=C2F13F325E1C4D77B31875106D7DDDF5&Language=en.

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.

IIROC formally initiated the investigation into Charline Gilbert's conduct in March 2013. The violations occurred while Ms. Gilbert was a Registered Representative at the Quebec City branch of RBC Dominion Securities Inc., an IIROC-regulated firm. Ms. Gilbert is no longer a registrant with an IIROC-regulated firm.

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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: Enforcement Contact: Carmen Crépin, Vice President, Québec, 514 878-2854, ccrepin@iiroc.ca; Media Contact: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, karcher@iiroc.ca


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