MONTRÉAL, Jan. 28, 2013 /CNW/ - Following a disciplinary hearing held on July 4 and 5, 2012 in Montréal,
a Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC) found that Jean-François Lemay simultaneously entered
buy and sell orders for the benefit of the same person, thereby
creating fictitious trades for the purchase and sale of these
securities on the TSX Venture Exchange and the Over-the-Counter
The Hearing Panel's decision, dated December 13, 2012, is available at:
Specifically, the panel found that Mr. Lemay committed the following
Mr. Lemay entered orders or executed transactions on the TSX Venture
Exchange and on a quotation and trade reporting system, the
Over-the-Counter Bulletin Board, when he knew, or ought reasonably have
known, that the entry of such orders or the execution of the
transactions would create, or could reasonably be expected to create, a
false or misleading appearance of trading activity with respect to the
security, contrary to UMIR 2.2(2)(a) and to Policy 2.2.
A separate hearing will be scheduled to determine the penalty for Mr.
Lemay and 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.
IIROC formally initiated the investigation into Mr. Lemay's conduct in
August 2009. The conduct occurred when Mr. Lemay was a Registered
Representative with the Montréal branch of Union Securities Ltd., an
IIROC-regulated firm. Mr. Lemay is no longer a registrant with an
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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:
Vice President, Québec
Vice-President, Public Affairs