IIROC announces settlement with Yves Tardif

MONTREAL, Sept. 2 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement between IIROC staff and Yves Tardif which includes a permanent ban against Mr. Tardif on registration with an IIROC-regulated firm.

In the agreement, Mr. Tardif admitted to conduct that violated the By-laws of the Investment Dealers Association (now IIROC rules) by:

(a)	Accepting orders for securities which, as a Registered Representative limited to trading in mutual funds, he was not registered to accept, contrary to IDA By-law 18.7 (now IIROC Rule 18.7) and 29.1 (now IIROC Rule 29.1);
(b)	Charging fees to clients without his firm's knowledge or authorization, contrary to IDA By-law 18.15 (now IIROC Rule 18.15);
(c)	Without the knowledge or authorization of his employer, distributing letters to his clients that contained false, misleading and incomplete information, contrary to IDA By-law 29.7(1)(a) (now IIROC Rule 29.7 (1)(a));
(d)	Sending clients consolidated portfolio statements that do not meet the Association's (now IIROC's) standards, contrary to IDA By-law 29.1 (now IIROC Rule 29.1);
(e)	Preparing and sending consolidated portfolio statements to 17 clients which contained false and misleading information about the clients' investments, contrary to IDA By-law 29.1 (now IIROC Rule 29.1).

"The actions taken by the Respondent caused his clients serious harm," the panel said in its decision. It noted that based on the same facts Mr. Tardif has already been ordered to pay fines of $453,000 following proceedings involving the Autorité des marchés financiers for offenses under the Securities Act.

IIROC began its investigation into Mr. Tardif's conduct on November 24, 2005. The violations occurred while Mr. Tardif was a Registered Representative (mutual funds) at the Varennes, Québec branch of iForum Securities Inc., a firm formerly regulated by IIROC. Mr. Tardif has not been employed with an IIROC-regulated firm since December 1, 2005.

The Hearing Panel issued its Decision and Reasons on August 6, 2010. The Settlement Agreement and the Hearing Panel's Decision and Reasons are available at:

http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=49BD6D1E16FD44C781CC2456C3D5504C&Language=en

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.

For further information: