MONTRÉAL, March 10, 2014 /CNW/ - On February 18, 2014, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, which includes sanctions, between IIROC Staff and Daniel Dubois.
Mr. Dubois admitted that he failed to observe high standards of ethics and professional conduct and engaged in business practices unbecoming in the conduct of his activities, in that he engaged in securities-related activities, off book and without the knowledge of his employer, and accepted remuneration or a consideration from a person other than his employer in regard to these activities. He also admitted that he lied to his employer when questioned about his outside business activities.
Pursuant to the Settlement Agreement, Mr. Dubois agreed to the following penalties:
a) A fine in the amount of $20,000;
b) Disgorgement of $10,724 representing the fees collected between 2004 and 2010; and
c) A one-month suspension of approval in any capacity.
Mr. Dubois also agreed to pay costs in the amount of $5,000.
The Settlement Agreement is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=EDD1946BEB844F8CA3240CD9CF944624&Language=en and the Hearing Panel's decision dated February 18, 2014, will be made available at www.iiroc.ca.
Documents related to ongoing IIROC enforcement proceedings - including Reasons and Decisions of Hearing Panels - are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.
IIROC formally initiated the investigation into Mr. Dubois's conduct in November 2011. The conduct occurred when Mr. Dubois was a Registered Representative at the Laval branch of Desjardins Securities Inc., an IIROC-regulated firm. Mr. Dubois is currently a Registered Representative with the Montréal branch of Mackie Research Capital Corporation.
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.
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, permanent bars, expulsion from membership, or termination of rights and privileges 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.
SOURCE: Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information: Enforcement Contact: Carmen Crépin, Vice President, Québec, 514 878-2854, [email protected]; Media Contact: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, [email protected]