IN THE MATTER OF Yves Tardif - Settlement



    MONTREAL, Sept. 2 /CNW/ - Notice is hereby given that a hearing will be
held before a Hearing Panel of the Investment Industry Regulatory Organization
of Canada (IIROC), on Tuesday, September 22nd, 2009 in the IIROC Boardroom,
located at 5 Place Ville-Marie, Suite 1550, Montreal, Quebec, at 10:00 a.m. or
as soon thereafter as the hearing can be held, to consider whether, pursuant
to IIROC Dealer Member Rule 20.36, the Hearing Panel should accept a
Settlement Agreement entered into between IIROC Staff and Yves Tardif (the
"Respondent").
    The subject matter of the proposed Settlement Agreement concerns
allegations that:

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

    (a) Between March 22, 2004 and October 28, 2005, while in the employ of
        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 of Real Vest Investments Ltd.
        and MRACS Management Ltd. in 99 client accounts, for a total book
        value of approximately $6,438,546.05, although the approval granted
        by the Association to the Respondent as a registered representative
        (mutual funds) did not permit him to carry out such transactions in
        securities other than mutual fund securities, thereby contravening
        By-laws 18.7 and 29.1.

    (b) In November, 2005, while he was a registered representative (mutual
        funds) in the employ of former Member firm iForum Securities Inc. and
        restricted to trading in mutual fund securities, the Respondent was
        in charge of the accounts of 105 clients with B2B Trust, a federally-
        chartered trust company, where such clients held approximately 26
        different securities other than mutual fund securities, with an
        approximate book value of more than nine (9) million dollars, which
        securities were not recorded in the books of iForum Securities Inc.,
        thereby engaging in business conduct unbecoming, contrary to By-law
        29.1.

    FEES CHARGED TO CLIENTS WITHOUT THE KNOWLEDGE AND APPROVAL OF HIS
    EMPLOYER

    (c) Between March 30, 2004 and October 12, 2005 or thereabouts, the
        Respondent accepted compensation from persons other than former
        Member firm iForum Securities Inc. while in the employ of such firm,
        in that he billed eight (8) of his clients and received fees
        totalling approximately $2,939 from them, contrary to By-law 18.15.

    DISTRIBUTION OF DOCUMENTATION TO CLIENTS WITHOUT THE KNOWLEDGE AND
    APPROVAL OF HIS EMPLOYER

    (d) On or about November 16, November 23 and December 1, 2005, while in
        the employ of former Member firm iForum Securities Inc., the
        Respondent sent to ten (10) clients sales literature containing
        false, misleading and incomplete information, unbeknownst to his
        employer, thereby contravening Association By-law 29.7(1)(a).

    DISTRIBUTION OF CONSOLIDATED PORTFOLIO STATEMENTS THAT DID NOT MEET
    ASSOCIATION STANDARDS

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

    DISTRIBUTION OF CONSOLIDATED PORTFOLIO STATEMENTS CONTAINING
    MISREPRESENTATIONS

    (f) Between March 10, 2004 and October 6, 2005 or thereabouts, while in
        the employ of former Member firm iForum Securities Inc., the
        Respondent prepared and sent to seventeen (17) of his clients
        consolidated portfolio statements containing misrepresentations
        concerning the promissory notes issued to such clients by Real Vest
        Investments Ltd, thereby contravening Association By-law 29.1.
    

    IIROC formally initiated the investigation into the Respondent's conduct
on November 24, 2005. It was alleged that the violations occurred when the
Respondent was a Registered Representative with the Montreal Branch of iForum
Securities Inc. Mr Tardif has not been a registrant with an IIROC-regulated
firm since December 1, 2005.
    The hearing is not open to the public unless and until the Settlement
Agreement has been accepted by the Hearing Panel. If the Hearing Panel accepts
the Settlement Agreement, the Hearing Panel's decision and reasons will be
made available to the public.

    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: Carmen Crépin, Vice President, Québec, (514)
878-2854, ccrepin@iiroc.ca; Jeff Kehoe, Director, Enforcement, (416) 943-6996,
jkehoe@iiroc.ca


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