IIROC announces penalty hearing for Natalie St-Amant

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

In a news release issued June 8, 2011, IIROC announced that Ms. St-Amant violated IIROC rules when she failed to observe high standards of ethics and conduct relating to transactions made in her personal account and in some of her client accounts.

Penalty Hearing Date:    November 14-18, 2011, 10 a.m.
Location: Centre Mont-Royal
  2200 Mansfield Street, Room Mansfield 5
  Montréal, QC

Specifically, the panel found that Ms. St-Amant engaged in conduct unbecoming or detrimental to the public interest, contrary to IIROC Rule 29.1, when she:

  • Purchased shares in a public company for her own account and directly from someone who was an insider of the company involved, all without her firm's knowledge;
  • Failed  in her duty to protect the public in connection with trades effected in two securities ordered by a client who was a consultant to the companies involved, when she knew or should have known that the trades could be a sign of market manipulation;
  • Purchased securities for her own account through a registered staff person at her firm, without the firm's knowledge;
  • Through another registered staff person at her firm, participated in a private placement in a public company for her own account, without informing her firm; and
  • Together with another registered staff person at Desjardins, responded to three client complaints by compensating the clients directly, without her firm's knowledge.

The panel also found that two allegations were unfounded: that Ms. St-Amant recommended securities held in her own account; and that she accepted reimbursement from another representative for her portion of the compensation paid to clients, without her firm's knowledge.

The violations occurred in 2005 and 2006 while Ms. St-Amant was a Registered Representative at the Brossard branch of Desjardins Securities Inc., an IIROC-regulated firm. IIROC began investigating Ms. St-Amant's conduct in November 2006. Ms. St-Amant is still employed in a registered capacity with 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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