Enforcement Notice - Decision - IN THE MATTER OF Raphaël Vermette - Settlement Accepted

MONTRÉAL, Dec. 20, 2018 /CNW/ - On October 23, 2018, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Raphaël Vermette. 

Mr. Vermette admitted that he entered orders that he ought reasonably to have known would create, or could reasonably be expected to create, a false or misleading appearance of trading activity in a security, or an artificial bid price for this security.

Specifically, Mr. Vermette admitted to the following violation:

(a)

On or around November 27, 2014, Mr. Vermette entered orders that he ought reasonably to have known would create, or could reasonably be expected to create, a false or misleading appearance of trading activity in the Goodfellow Inc. (GDL) security, or an artificial bid price for this security, contrary to Rule 2.2 and Policy 2.2 of the Universal Market Integrity Rules (UMIR), for which he is liable under UMIR Rule 10.4.

Pursuant to the Settlement Agreement, Mr. Vermette agreed to the following penalty:

(a)	a fine of $5,000;
(b)	costs in the amount of $1,000.

The Settlement Agreement and the Hearing Panel's decision dated November 13, 2018 are available at: http://www.iiroc.ca/Documents/2018/7215640F-63C9-4323-BC40-8B011DF5D8E5_en.pdf.

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. Vermette's conduct in November 2015. The conduct occurred while he was a Registered Representative with the Québec City branch of RBC Dominion Securities Inc., an IIROC-regulated firm. Mr. Vermette is still employed as a Registered Representative with this firm.

IIROC is the national self-regulatory organization which oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian 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 debt and 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

Enforcement Contact: Claudyne Bienvenu, Vice-President, Québec and Atlantic, 514 878-2854, [email protected]; Media Contact: Andrea Zviedris, Manager, Media Relations, 416 943-6906, [email protected]

Related Links

www.iiroc.ca