Enforcement Notice - IN THE MATTER OF Daniel Desautels - Settlement Hearing

MONTRÉAL, Sept. 1, 2016 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) to consider whether the Hearing Panel should accept a Settlement Agreement entered into between IIROC staff and Daniel Desautels.

The Agreement concerns conduct that, between January 27, 2009 and March 22, 2011, Mr. Desautels:

  1. failed to use due diligence to learn all the essential facts relative to one of his clients and to every order and account accepted; and

  2. made transactions and a transfer of funds in one of his clients' accounts based on instructions that he accepted from an individual who was not authorized to give instructions on the account.

The hearing is not open to the public, but will become open in the event that the panel accepts the agreement. If the agreement is accepted, the Panel's decision and the Settlement Agreement will be made available at www.iiroc.ca.

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.

Hearing Date:      

October 14, 2016, at 9:30 a.m.



Location:             

IIROC – Carmen Crépin Room


5 Place Ville-Marie, suite 1550


Montréal, Québec

 

IIROC formally initiated the investigation into Mr. Desautels's conduct in August 2014. The conduct occurred while Mr. Desautels was a Registered Representative at the Repentigny sub-branch of Industrial Alliance Securities Inc. (IAS), an IIROC-regulated firm. Mr. Desautels is still employed as a Registered Representative with IAS.

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IIROC is the national self-regulatory organization which oversees all investment dealers and their trading activity in Canada's debt and equity markets.  IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian 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: Claudyne Bievenu, Vice-President, Québec, 514 878-2854, cbienvenu@iiroc.ca; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, karcher@iiroc.ca

RELATED LINKS
http://www.iiroc.ca

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