IIROC announces disciplinary hearing for Kenneth Gareau

VANCOUVER, April 29 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Kenneth Gareau.

The hearing concerns allegations that Mr. Gareau recorded inaccurate "know your client" information on client account forms, made unsuitable recommendations which included the use of margin and deferred sales charges and made a transaction against the express wishes of a client. His clients, two retired couples, saw the value of their portfolios decrease by approximately 60% and 36% over separate periods of 28 months and 18 months, respectively.

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.

Hearing Date:  May 30 - June 3, 2011 at 10:00 a.m.

Regina Inn, Hillside Room
1975 Broad Street
Regina, Saskatchewan

Specifically, the allegations are that Mr. Gareau violated IIROC Rules 29.1 and 1300.1 (q) when he:

  • recorded inaccurate income, risk tolerance, and investment knowledge for two separate client families on their client account forms;
  • failed to ensure recommendations he made for two client families to purchase and hold securities were suitable for the clients; and
  • sold an income-producing bond against the express wishes of a client.

IIROC began the investigation into Mr. Gareau's conduct in March 2009. The alleged violations occurred between May, 2006 and October, 2008 when he was a Registered Representative with the Regina sub-branch of Dundee Securities Corporation, an IIROC-regulated firm. Mr. Gareau continues to be registered in the same capacity at the same firm.

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 and permanent bans or terminations 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.

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:

Warren Funt
Vice President, Western Canada
  Elsa Renzella
Director, Enforcement Litigation


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