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Enforcement Notice - Decision - IIROC Fines Former Laval Financial Advisor Jean-Claude Lemire

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Enforcement Notice - Decision - IIROC Fines Former Laval Financial Advisor Jean-Claude Lemire

Canada NewsWire

MONTRÉAL, Aug. 15, 2018 /CNW/ - On July 10, 2018, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Jean-Claude Lemire.

Specifically, Mr. Lemire admitted the following violations:

(a) 

Between July 30 and August 29, 2014, Mr. Lemire effected six discretionary trades in two clients' accounts, without the accounts having been preauthorized and approved as "discretionary" accounts, contrary to IIROC Dealer Member Rules 1300.4 and 1300.5;



(b) 

In three buy transactions effected on August 26 and 28, 2014, Mr. Lemire failed to use due diligence to ensure that the trades were within the bounds of good business practice, contrary to IIROC Dealer Member Rule 1300.1(o); and



(c)   

In three buy transactions effected on August 26 and 28, 2014, Mr. Lemire did not communicate to his two clients the required information about purchases to which deferred sales charges apply, contrary to IIROC Dealer Member Rule 29.9(1)(b).

 

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

(a)   A fine in the amount of $20,000

  • a $5,000 fine on Count 1;
  • a $10,000 fine on Count 2; and
  • a $5,000 fine on Count 3

(b)   In the event of re-registration with IIROC, a period of twelve months of strict supervision;

Mr. Lemire also agreed to pay costs in the amount of $1,000

IIROC formally initiated the investigation into Mr. Lemire's conduct in May 2015. The conduct occurred while he was a Registered Representative with the Laval branch of National Bank Financial Inc., an IIROC-regulated firm. Mr. Lemire is no longer a registrant with an IIROC-regulated firm.

The Settlement Agreement and the Hearing Panel's decision dated July 10, 2018 are available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=9938BE22259C4B429FFEBC3D7651068A&Language=en

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 national self-regulatory organization which 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 dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity and debt 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

View original content: http://www.newswire.ca/en/releases/archive/August2018/15/c5638.html

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