IN THE MATTER OF Yves Tardif - Set Date

MONTRÉAL, June 18 /CNW/ - Notice is hereby given that an appearance will be held before a Hearing Panel of the Investment Industry Regulatory Organization of Canada ("IIROC") on Wednesday, June 30, 2010, at 10:00 a.m. or as soon thereafter as possible, at 5 Place Ville-Marie, Suite 1550, Montréal, Québec, to set a hearing date in the matter of Yves Tardif (the Respondent).

The proposed hearing concerns matters for which the Respondent may be disciplined as a Registrant of the IDA, pursuant to Part 10 of IDA By-Law 20. The hearing relates to allegations that:

    
    TRANSACTIONS NOT PERMITTED UNDER THE TERMS OF THE APPROVAL GRANTED BY THE
    ASSOCIATION TO THE RESPONDENT AS A REGISTERED REPRESENTATIVE (MUTUAL
    FUNDS) AND EFFECTED OFF-BOOK

    (a) Between March 22, 2004 and October 28, 2005, while employed with
        former Member firm iForum Securities Inc., following instructions
        given by 75 clients, the Respondent accepted 117 orders for the
        purchase or renewal of promissory notes from Real Vest Investments
        Ltd. and MRACS Management Ltd. in 99 client accounts with a total
        book value of approximately $6,438,546.05, whereas the approval
        granted by the Association to the Respondent, as a registered
        representative (mutual funds), did not permit him to effect such
        transactions on securities other than mutual fund securities, thereby
        contravening Association By-law 18.7 and By-law 29.1;

    (b) In November 2005, while a registered representative (mutual funds) in
        the employ of former Member firm iForum Securities Inc., and limited
        to trading mutual fund securities, the Respondent had under his
        responsibility the accounts of 105 clients of B2B Trust, a federally
        chartered trust company, where said clients held approximately 26
        different securities other than mutual fund securities, with an
        approximate book value of more than nine million dollars ($9
        million), 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;

    FEES CHARGED TO CLIENTS WITHOUT THE KNOWLEDGE OR AUTHORIZATION OF HIS
    EMPLOYER

    (c) Between approximately March 30, 2004 and October 12, 2005, the
        Respondent accepted compensation from persons other than former IDA
        Member firm iForum Securities Inc., while employed with the latter,
        by invoicing eight (8) of his clients and receiving from them fees
        totalling approximately $2,939, contrary to Association By-law 18.15;

    DISTRIBUTION OF COMMUNICATIONS TO CLIENTS WITHOUT THE KNOWLEDGE OR
    AUTHORIZATION OF HIS EMPLOYER

    (d) On or about November 16, November 23 and December 1, 2005, while
        employed with former Member firm iForum Securities Inc., the
        Respondent sent ten (10) clients sales literature containing false,
        misleading and incomplete information, without the knowledge of his
        employer, thereby contravening Association By-law 29.7(1)(a);

    DISTRIBUTION OF CONSOLIDATED PORTFOLIO STATEMENTS THAT DO NOT MEET
    ASSOCIATION STANDARDS

    (e) Between March 10, 2004 and October 6, 2005, while employed with
        former Member firm iForum Securities Inc., the Respondent prepared
        and sent to seventeen (17) of his clients consolidated portfolio
        statements that did not meet the standards established by the
        Association, thereby violating Association By-law 29.1;

    DISTRIBUTION OF CONSOLIDATED PORTFOLIO STATEMENTS CONTAINING FALSE AND
    MISLEADING INFORMATION

    (f) Between approximately March 10, 2004 and October 6, 2005, while
        employed with former Member firm iForum Securities Inc., the
        Respondent prepared and sent to seventeen (17) of his clients
        consolidated portfolio statements containing false and misleading
        information regarding the promissory notes issued in the name of said
        clients by Real Vest Investments Ltd, thereby violating Association
        By-law 29.1.
    

The IDA formally initiated the investigation into the Respondent's conduct on November 24, 2005. The violations are alleged to have occurred while the Respondent was a Registered Representative (mutual funds) at the Varennes, Québec branch of iForum Securities Inc., a former IDA Member firm. Mr. Tardif has not been employed by an IDA or IIROC regulated firm since December 1, 2005.

The hearing is open to the public, unless the Hearing Panel orders otherwise.

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

For further information: For further information: Carmen Crépin, Vice-President, Québec, 514 878-2854, ccrepin@iiroc.ca; Jeff Kehoe, Acting Vice President, Enforcement, 416 943.6996 jkehoe@iiroc.ca


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