MONTRÉAL, Oct. 25, 2012 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Réal Castonguay.
The hearing concerns allegations that Mr. Castonguay facilitated investments for two individuals, one a client and the other a non-client, in offerings, without the knowledge and consent of his employer, and neglected to inform his client of the existence of an essential fact in connection with the offerings, even though he was aware of this essential fact at the time his client invested in these offerings.
The hearing is open to the public, unless the panel orders otherwise. The decision of the panel 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.
|Hearing Date:||November 6 - 9, 2012, 10:00 a.m.|
|2200 Mansfield Street, Montréal|
|Salle Mansfield 2|
Specifically, the allegations are that:
|(a)||Between October 2003 and June 2007, Mr. Castonguay failed to use due diligence in that he neglected to inform a client of the existence of an essential fact in connection with the Cierra and Prospector offerings, even though he was aware of this fact at the time his client invested in the two offerings, thereby engaging in conduct unbecoming or detrimental to the public interest, contrary to IDA By-law 29.1 (now IIROC Rule 29.1);|
|(b)||Between January 2003 and June 2007, Mr. Castonguay facilitated investments for two individuals in the Cierra and Prospector offerings, without the knowledge and consent of his employer, thereby engaging in conduct unbecoming or detrimental to the public interest, contrary to IDA By-law 29.1 (now IIROC Rule 29.1).|
IIROC formally initiated the investigation into Mr. Castonguay's conduct in June 2009. The alleged violations occurred when Mr. Castonguay was a Registered Representative with the Gatineau branch of Raymond James Ltd., an IIROC-regulated firm. Mr. Castonguay is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at: http://www.iiroc.ca/Documents/2012/941a74cb-ef43-40bd-9711-4453e684a2b2_en.pdf.
* * *
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:
Vice President, Québec
Director, Public Affairs