VANCOUVER, July 22 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada has accepted a settlement agreement, which includes sanctions, between Grant Louis Gaudet and IIROC staff.
Mr. Gaudet has agreed to pay a fine of $20,000 for his misconduct and $4,000 toward the costs of the proceedings. In addition, he has agreed he must successfully complete the Conduct and Practices Handbook course within six months of the date of this agreement.
In the July 13, 2010 agreement, Mr. Gaudet admitted he violated IIROC Rule 29.1 by conducting his business in a manner that was unbecoming or detrimental to the public interest when he:
- Facilitated the participation of clients in off-book transactions
involving term deposits without the knowledge or consent of his firm;
- Entered into personal financial dealings with a client by providing
the client with a personal loan.
The violations occurred between March, 2002, and March, 2008, when Mr. Gaudet was a Registered Representative with IIROC-regulated firms. Mr. Gaudet was employed with Cartier Partners Securities Inc. until June 2004 when the firm amalgamated with Dundee Securities Corp. He continued his employment in the Abbotsford, BC branch of Dundee until he resigned in January 2009. IIROC began its investigation on October 27, 2009, after being alerted to the matter as a result of an internal investigation by Dundee. Mr. Gaudet is currently a Registered Representative employed with Raymond James Ltd., an IIROC-regulated firm.
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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