Enforcement Notice - IN THE MATTER OF Denyse Giroux-Garneau - Disciplinary Decision - Liability

MONTRÉAL, June 21, 2016 /CNW/ - Following a disciplinary hearing held on January 21, 2016, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Denyse Giroux-Garneau failed to inform her employer of the death of one of her clients and to update this client's account form, and carried out unauthorized transactions in this client's account four months after his death, for the purpose of appropriating the amount of $15,972.88.

The Hearing Panel's decision dated May 12, 2016, is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=1134C74B5F044795B4715C3273D2C632&Language=en

Specifically, the Hearing Panel ruled that Ms. Giroux-Garneau committed the following violations:


On February 11 and 14, 2014, Ms. Giroux-Garneau engaged in business conduct or practice which is unbecoming when she carried out two unauthorized and liquidative securities transactions without obtaining the prior authorization of the liquidator of a client's succession, contrary to Rule 29.1, Rule 1300.4 and Rule 1300.5 of IIROC;


On February 14, 2014, Ms. Giroux-Garneau engaged in business conduct or practice which is unbecoming, by unlawfully appropriating, by means of a blank cheque signed by the client while he was still living, the sum of $15,972.88, contrary to IIROC Rule 29.1; and


 Effective October 12, 2013, Ms. Giroux-Garneau engaged in business conduct or practice which is unbecoming by not informing her employer of her client's death, by not updating the client's new account application form following the latter's death, and by not changing the client account to an estate account, contrary to IIROC Rule 29.1 and to IIROC Rule 1300.1(a);


A separate hearing will be scheduled to determine the penalty for Ms. Giroux-Garneau; the date will be posted on the website 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. 

IIROC formally initiated the investigation into Denyse Giroux-Garneau's conduct in June 2014. The violations occurred when Ms. Giroux-Garneau was a Registered Representative with the Montréal branch of Industrial Alliance Securities Inc., an IIROC-regulated firm. The Respondent 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 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 Bienvenu, Vice-President, Québec, 514 878-2854, cbienvenu@iiroc.ca; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, karcher@iiroc.ca


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Investment Industry Regulatory Organization of Canada (IIROC) - General News

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