Enforcement Notice - Decision - IIROC Fines Former Winnipeg Investment Advisor Joseph Marcel Denis (Denis) Rochon

WINNIPEG, Feb. 5, 2020 /CNW/ - On January 20, 2020, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Joseph Marcel Denis (Denis) Rochon.

Mr. Rochon admitted that he failed to know four of his clients, who were seniors with limited investment knowledge. He also admits that he failed to use due diligence to ensure that his recommendations were suitable for four clients when he pursed a concentrated growth strategy that was contrary to their true financial circumstances.

Specifically, Mr. Rochon admitted to the following violations:

a)  Between November 2011 and May 2017, Mr. Rochon failed to use due diligence to learn and remain informed of the essentials facts relative to the investment objectives and risk tolerance parameters of the clients, contrary to Dealer Member Rule 1300.1(a); and

b)  Between January 2012 and July 2017, Mr. Rochon failed to use due diligence to ensure that investment recommendations were suitable for the clients, contrary to Dealer Member Rule 1300.1(q).

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

a)  A fine in the amount of $25,000; and

b)  An 18 month suspension from registration in any capacity with IIROC.

Mr. Rochon also agreed to pay costs in the amount of $5,000.

The Settlement Agreement will be available at: http://www.iiroc.ca/documents/2020/744d34f5-97d5-4ef7-bcbb-f688c6fa47eb_en.pdf 

The Hearing Panel's decision will be available at: www.iiroc.ca

IIROC formally initiated the investigation into Mr. Rochon's conduct in July 2015. The alleged violations occurred while he was a Registered Representative with a Winnipeg branch of Industrial Alliance Securities Inc., an IIROC-regulated firm. Mr. Rochon is no longer a registrant with an IIROC-regulated firm.

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.

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IIROC is the pan-Canadian self-regulatory organization that 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 more than 170 Canadian investment dealer firms and their more than 29,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces 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: Warren Funt, Vice President, Western Canada, 604 331-4750, [email protected]; Media Contact: Andrea Zviedris, Manager, Media Relations, 416 943-6906, [email protected]

Related Links

www.iiroc.ca