Enforcement Notice - Decision - IIROC Imposes Sanctions on Former Montréal Branch Manager Elizabeth St-James

MONTRÉAL, Feb. 11, 2021 /CNW/ - Following a penalty hearing held on September 28, 2020, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following sanctions on Elizabeth St-James:

(a)   An aggregate fine in the amount of $25,000, specifically:

• a fine of $15,000 for count 1,
• a fine of $10,000 for count 2.

(b)   Prohibition of registration with IIROC in any supervision capacity for a period of 6 months;

(c)    Re-registration is conditional on the prior successful completion of the Branch Managers Course examination or its equivalent, depending on course availability.

Ms. St- James will also pay costs to IIROC in the amount of $10,000.

The penalty decision is available at
http://www.iiroc.ca/documents/2021/d4f2d3f0-83e5-4d16-be27-be8ab2e919e4_en.pdf
(The translation of this decision will be posted as soon as it becomes available.)

In a liability decision dated February 2, 2020, the Hearing Panel ruled that Ms. St-James failed to adequately supervise activities in clients' accounts by two registered representatives under her responsibility.

The liability decision is available at
https://www.iiroc.ca/documents/2020/6aec3931-028d-404c-bf7c-65c95f811427_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 Ms. St-James' conduct in September 2014. The alleged contraventions occurred while Ms. St-James was a branch manager with Mackie Research Capital Corporation (Mackie), an IIROC-regulated firm. Ms. St-James is still employed with Mackie, as a registered representative.

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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 175 Canadian investment dealer firms and their more than 30,000 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: Claudyne Bienvenu, Vice-President, Québec and Atlantic, 514 878-2854, [email protected]; Media Contact: Evelyn Tchakarov, Public Relations Specialist, [email protected]

Related Links

www.iiroc.ca