Enforcement Notice Decision - IN THE MATTER OF Jacques Turenne - Disciplinary Decision - Liability

MONTRÉAL, Aug. 6, 2015 /CNW/ - Following a disciplinary hearing held on May 14, 2015, in Montréal,Québec, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Jacques Turenne committed the following violations: Mr. Turenne engaged in personal financial dealings with one of his clients by borrowing money from her and made false statements to IIROC staff in the course of a prior disciplinary matter.

The Hearing Panel's decision, dated July 2, 2015, is available at:

http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=6E1E48FA3AAA4D62A44FC291FC637009&Language=en.

Specifically, the Hearing Panel found that Mr. Turenne committed the following violations:

a)	On or around June 19, 2003 and March 12, 2009, Mr. Turenne engaged in personal financial dealings with one of his Clients by Borrowing money from her, without the knowledge and consent of the IIROC Dealer Member with whom he was employed, contrary to IIROC Dealer Member Rule 29.1 (formerly IDA Bylaw 29.1); and
b)	On October 31, 2012 and December 13, 2012, Mr. Turenne made false statements to IIROC staff in the course of a prior disciplinary matter thereby hindering the evaluation of the complaint and the conduct of the investigation in the present matter, contrary to IIROC Dealer Member Rule 29.1.

A separate hearing will be scheduled to determine the penalty for Mr. Turenne; the date of which 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. Turenne's conduct in December 2013. The conduct occurred when Mr. Turenne was a Registered Representative with the Trois‑Rivières branch of Retirement Option Group Inc.,  a former IIROC-regulated firm, then a Registered Representative, at the Trois-Rivières branch of Desjardins Securities Inc., and finally, a Registered Representative at the Shawinigan South branch of PEAK Securities Inc., the latter two being IIROC-regulated firms. Mr. Turenne is no longer a registrant with an IIROC-regulated firm.

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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

Enforcement Contact: Claudyne Bienvenu, Acting Vice-President, Québec, 514 878-2854, [email protected]; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, [email protected]