MONTRÉAL, Dec. 27, 2012 /CNW/ - A hearing was originally scheduled
before a Hearing Panel of the Investment Industry Regulatory
Organization of Canada (IIROC), in the matter of Daniel Bergeron from
September 24 to September 28, 2012. The hearing was adjourned to
January 29, 2013.
The hearing concerns allegations that Mr. Bergeron failed to use due
diligence when he recommended a private placement to his clients
without verifying its nature or doing adequate follow-up, and without
informing his employer.
The hearing is open to the public, unless the panel orders otherwise.
The decision of the panel 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.
January 29, 30 and 31, 2013, at 10 a.m.
2200 Mansfield Street
Mansfield 2 Room
Specifically, the allegations are that:
(a) Between 2002 and 2009, Mr. Bergeron, while a Registered
Representative with CIBC World Markets Inc., by recommending
investments in Ressources Dasserat stocks to his clients, failed in his
role of gatekeeper by not using due diligence to verify the nature of
the investment and by not doing adequate follow-up of his clients'
investments subsequently, contrary to IIROC Dealer Member Rule 29.1
(formerly IDA By-law 29.1);
(b) Between June 2002 and September 2003 or thereabouts, Mr.
Bergeron, while a Registered Representative with CIBC World Markets
Inc., facilitated a purported purchase by his clients of stock in
Ressources Dasserat, in a private off-book investment, which
constituted outside business activity without the knowledge of his
firm, contrary to IIROC Dealer Member Rule 29.1 (formerly IDA Bylaw
IIROC formally initiated the investigation into Mr. Bergeron's conduct
in April 2010. The alleged violations occurred when Mr. Bergeron was a
Registered Representative with the Québec City branch of CIBC World
Markets Inc., an IIROC-regulated firm. Mr. Bergeron is still a
Registered Representative at the Québec City branch of Desjardins
The Notice of Hearing which sets out the allegations is available at
* * *
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, Public Affairs