IIROC announces disciplinary hearing for Jean-Luc Beaudoin

MONTREAL, Dec. 17 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has scheduled a hearing to consider evidence and submissions in the matter of Jean-Luc Beaudoin.

The hearing concerns allegations that Mr. Beaudoin failed to properly supervise transactions by three registered representatives who were under his supervision.

Hearing Dates:   10 am, February 21-25 and 28 and March 1-4, 2011
Location: Centre Mont-Royal, Room Mansfield 5
2200 Mansfield Street, Montréal, QC

The hearing is open to the public unless the panel orders otherwise. The panel's decision and reasons will be made public when available.

Specifically, the hearing concerns allegations that Mr. Beaudoin violated IIROC Rule 1300, IIROC Rule 2500, and IIROC Rule 29.1when he:

  • failed to properly supervise the personal accounts of three registered staff who were under his supervision. In particular, he failed to question the receipt of numerous securities of public companies into the representatives' personal accounts;
  • failed to question the merit of certain transactions and trade recommendations in client accounts of the same three staff;
  • failed to keep a proper record of his daily supervision reviews, his inquiries and their follow-up regarding the trading activity of the same three representatives under his supervision; and
  • failed to properly question the merit of certain trades made by one of the three representatives who were under his supervision, even though the client was a consultant to the companies involved and there were indications of possible market manipulation.

IIROC began investigating Mr. Beaudoin's conduct on February 12, 2008. The alleged violations occurred while Mr. Beaudoin was a Registered Representative at the Brossard branch of Desjardins Securities Inc., and IIROC-regulated firm. Mr. Beaudoin is still employed at this firm in the same registration category.

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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 and permanent bans or terminations 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.

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.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

For further information: For further information:

Carmen Crépin
Vice President, Québec          
Elsa Renzella
Director, Enforcement Litigation

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