IN THE MATTER OF Éric Couture - Settlement
MONTRÉAL,
(a) In November, 2005, while in the employ of former Member firm iForum Securities Inc., the Respondent had under his responsibility the accounts of approximately 35 clients of B2B Trust, a federally chartered trust company, where said clients held promissory notes from MRACS Management Ltd. and Real Vest Investments Ltd., namely securities other than mutual fund securities, with an approximate book value of 1.5 million dollars, without said securities being recorded in the books of iForum Securities Inc., thereby engaging in business conduct unbecoming and contrary to Association By-law 29.1; (b) Between December 2004 and October 2005, while employed with former Member firm iForum Securities Inc., the Respondent failed to inform his clients of the existence of a conflict of interest between iForum Securities Inc. and Mount Real Corporation before they purchased or renewed various promissory notes from MRACS Management Ltd. and Real Vest Investments Ltd., thereby engaging in business conduct unbecoming and contrary to By-law 29.1. Pursuant to the Settlement Agreement, the Hearing Panel imposed the following penalty against the Respondent: (a) A fine in the amount of $35,000.00, payable on the effective date of the Settlement Agreement; (b) The requirement that he repeat and pass the Conduct and Practices Handbook Course, administered by the Canadian Securities Institute, within six (6) months from the effective date of the Settlement Agreement, as a condition for the maintenance of his approval as a Registered Representative; (c) A period of strict supervision for twelve (12) months and the requirement that strict supervision reports be submitted monthly to the IIROC Registration Department, as conditions for the maintenance of his approval as a Registered Representative.
IIROC formally initiated the investigation into the Respondent's conduct on
The Hearing Panel issued its Reasons and Decision on
IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in
For further information: Carmen Crépin, Vice President, Québec, (514) 878-2854, [email protected]; Jeff Kehoe, Director, Enforcement, (416) 943-6996, [email protected]
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