MONTRÉAL, Dec. 17 /CNW/ - A Hearing Panel of the Investment Industry
Regulatory Organization of Canada (IIROC) has scheduled a hearing to
consider evidence and submissions in the matter of Natalie St-Amant.
The hearing concerns allegations that Ms. St-Amant failed to observe high standards of ethics and
conduct in relation to transactions made in her personal account and in
some of her client accounts.
The hearing is open to the public unless the panel orders otherwise. The
Hearing Panel's decision will be made available at www.iiroc.ca.
10 am, February 21-25, 28 and March 1-4, 2011
Centre Mont-Royal, Room Mansfield 5
2200 Mansfield Street, Montréal, QC
Specifically, the hearing concerns allegations that Ms. St-Amant engaged
in conduct unbecoming or detrimental to the public interest, contrary
to IIROC Rule 29.1, when she:
(a) purchased shares in a public company for her own account and
directly from someone who was an insider of the company involved, all
without her firm's knowledge;
(b) made investment recommendations regarding two securities, which
she and other registered staff held in their personal accounts, with
the knowledge that the securities had been purchased from someone who
had privileged ties with insiders. As of December 31, 2005, 248 of
these representatives' accounts held approximately 18.5% of the
outstanding shares in one of these securities;
(c) failed in her duty to protect the public in connection with
trades effected in two securities ordered by a client who was a
consultant to the companies involved, when she knew or should have
known that the trades could be a sign of market manipulation;
(d) purchased securities for her own account through a registered
staff person at her firm, without the firm's knowledge;
(e) together with a registered staff person at Desjardins, responded
to three client complaints by compensating them directly, without the
knowledge of her firm;
(f) accepted reimbursement from another registered staff person for
her portion of the compensation given to the same three clients, which
included a payment by cheque and receipt in her personal account of
securities of a public company, without the knowledge of her firm; and
(g) through another registered staff person at her firm,
participated in a private placement in a public company for her own
account, without informing her firm.
IIROC alleges that through these activities Ms. St-Amant failed to meet
the standards of ethics and conduct set out in the Conduct and
Practices Handbook, particularly Standard B (Trustworthiness, Honesty
and Fairness), and Standard C (Professionalism) and thereby violated
IIROC Rule 29.1.
The alleged violations occurred in 2005 and 2006, while Ms. St-Amant was
a Registered Representative at the Brossard branch of Desjardins
Securities Inc., an IIROC-regulated firm. IIROC began investigating Ms.
St-Amant's conduct on November 10, 2006. Ms. St-Amant is still employed
at this firm in the same registration category.
* * *
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 and permanent bans or
terminations 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.
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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
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