MONTRÉAL, March 28, 2017 /CNW/ - On February 21, 2017, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, including sanctions, between IIROC Staff and Richard Poirier.
Mr. Poirier admitted facilitating a client's investment in a private placement and directly or indirectly accepting remuneration or a gratuity, benefit, or other consideration from a person other than the Dealer Member with whom he was employed.
Specifically, Mr. Poirier admitted to the following violations:
a) In June 2008, Mr. Poirier facilitated a client's investment in a private placement, an off‑book transaction, without the knowledge and without the consent of the IIROC Dealer Member with whom he was employed, contrary to IIROC Dealer Member Rule 29.1; and
b) On or around May 1, 2011, Mr. Poirier directly or indirectly accepted remuneration, a gratuity or benefit, or other consideration from a person other than the Dealer Member, contrary to IIROC Dealer Member Rule 18.15.
Pursuant to the Settlement Agreement, Mr. Poirier agreed to the following penalties:
a) An aggregate fine of $100,000, with costs;
b) Suspension of approval for one month;
c) 12 months of close supervision in the event of reapproval with IIROC; and
d) Pass the examination based on the Conduct and Practices Handbook Course within 12 months following acceptance of this Settlement Agreement by the Hearing Panel.
The decision of the Hearing Panel dated February 21, 2017, is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=A0C297CDA1554C3D8D5E1073E41BD4DD&Language=en
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. Poirier's conduct in June 2014. The violations occurred while Mr. Poirier was a registered representative at the Amos branch of Desjardins Securities Inc., an IIROC-regulated firm. Mr. Poirier is no longer a registrant with an IIROC-regulated 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 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 Advisor Report 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
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