IIROC announces penalty hearing for Jean-Luc Beaudoin

MONTRÉAL, Nov. 8, 2011 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has scheduled a hearing to determine the penalty for Jean-Luc Beaudoin.

In its Decision and Reasons dated May 18, 2011, the panel found that Mr. Beaudoin had failed in his duty to properly track and keep a record of his daily supervision reviews and inquiries and the follow-up thereof.

Penalty Hearing Date:        November 14-18, 2011, 10 a.m.

      Centre Mont-Royal
2200 Mansfield Street, Room Mansfield 5
Montréal, QC

The penalty hearing is open to the public, unless the panel orders otherwise. The panel's decision and reasons on the penalty will be made available at www.iiroc.ca.

Specifically, the panel found that Mr. Beaudoin:

(a)   Failed to properly question the merit of certain trades made by a representative who was under his supervision, even though the client was a consultant to the companies involved and there were indications of possible market manipulation, contrary to IDA Regulation 1300 (now IIROC Rule 1300), Policy 2 (now IIROC Rule 2500) and By-law 29.1 (now IIROC Rule 29.1); and
(b)   Failed to keep a proper record of his daily supervision reviews, his inquiries and their follow-up regarding the trading activity of the representatives under his supervision, contrary to Policy 2 (now IIROC Rule 2500) and IDA By-law 29.1 (now IIROC Rule 29.1).

In its decision, the panel also found that two allegations were unfounded: that Mr. Beaudoin failed to question receipt of certain securities by representatives under his supervision; and that he failed to question the merit of certain transactions in client accounts.

The violation cited in (a) occurred during the period of January 2006 and March 2006, and the violation cited in (b) during the period of December 2004 to August 2006. During these periods, Mr. Beaudoin was the Branch Manager at the Brossard branch of Desjardins Securities Inc., an IIROC-regulated firm. IIROC began investigating Mr. Beaudoin's conduct in February 2008. Mr. Beaudoin is still employed in a registered capacity with Desjardins Securities Inc., an IIROC-regulated 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:

Carmen Crépin
Vice President, Québec
                    Elsa Renzella
Director, Enforcement Litigation



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