MONTREAL, Jan. 7 /CNW/ - A Hearing Panel of the Investment Dealers
Association of Canada (IDA), appointed pursuant to By-law 20, has imposed a
permanent ban on approval in all capacities on Gilbert Pelletier, at all
material times an Approved Person with the Montréal branch of National Bank
Financial Inc. (NBF), an IDA Member firm.
On November 2, 2007, the Hearing Panel considered, reviewed, and accepted
a Settlement Agreement negotiated between staff of the IDA's Enforcement
department and Mr. Pelletier. Pursuant to the Settlement Agreement, Mr.
Pelletier admitted to: advising and executing options orders when neither he
nor his partner, Mr. Simon Paul Sénécal, were registered to advise/trade in
options; recommending to clients that they open options accounts when they
were unsuitable for them; failing to ensure that options trading for his
clients was referred to an options licensed registered representative as
required by his employer; recommending unsuitable options trades for his
clients; and creating and providing monthly statements to a client containing
incomplete and erroneous information about the value of his account. Mr.
Pelletier admitted that this conduct was in contravention of IDA Regulations
1900.2(b), 1300.1(p), 1300.1(q) and By-law 29.1. This misconduct took place in
2000 and 2001 and was discovered by the IDA in September 2003 from a ComSet
NBF suspended Mr. Pelletier on May 2, 2002, and he was dismissed on April
15, 2004. He has not been employed with an IDA Member firm since that time.
The Investment Dealers Association of Canada (IDA) is the national
self-regulatory organization of the securities industry. The IDA's mission is
to protect investors, foster market integrity and enhance the efficiency and
competitiveness of the Canadian capital markets. The IDA enforces rules and
regulations regarding the sales, business and financial practices of its
Member firms and their approved persons. Investigating complaints and
disciplining Members and approved persons is part of the IDA's regulatory
role. It is IDA policy to ensure that where relevant, referrals to the
appropriate policing authority are made.
For further information:
For further information: Carmen Crépin, Vice-President, Québec, (514)
878-2854, or firstname.lastname@example.org; Jeffrey Kehoe, Director, Enforcement Litigation,
(416) 943-6996, or email@example.com