IN THE MATTER OF Michael Comeau - Settlement



    TORONTO, Aug. 31 /CNW/ - On August 17, 2009, a Hearing Panel of the
Investment Industry Regulatory Organization of Canada (IIROC) accepted a
Settlement Agreement between IIROC Staff and Michael Comeau (the
"Respondent"). Pursuant to the Settlement Agreement, the Respondent admitted
that:

    
    In or about December 2004 to March 2005, Comeau, as a Registered
    Representative of a Member of IIROC, engaged in business conduct
    or practice which is unbecoming or detrimental to the public interest in
    that he placed himself in a conflict of interest when he became a
    registered shareholder of securities, of an issuer, transferred to him by
    his client for no apparent consideration and then sold securities of the
    same issuer held by the same client to several of his other clients,
    contrary to IIROC Rule 29.1.

    Pursuant to the Settlement Agreement, the Hearing Panel imposed the
following penalty against the Respondent:

    (1) A fine in the amount of $15,000, an amount equal to three times the
        profit made by the Respondent by reason of the contravention; and

    (2) Close supervision for a period of 12 months;

    and required the Respondent to pay costs in the amount of $2000.00.
    

    The IDA formally initiated the investigation into the Respondent's
conduct on January 23, 2006. It was alleged that the violation occurred when
the Respondent was a Registered Representative with the Toronto Branch of
Secutor Capital Management Corp. The Respondent is currently a registrant
working at All Group Financial Services, an IIROC-regulated firm
    The Hearing Panel issued its decision and reasons on August 18, 2009. The
Settlement Agreement, and the Hearing Panel's Decision and Reasons are
available at www.iiroc.ca.

    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.





For further information:

For further information: Alex Popovic, Vice-President, Enforcement,
(416) 943-6904, apopovic@iiroc.ca; Jeff Kehoe, Director, Enforcement, (416)
943-6996, jkehoe@iiroc.ca


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