Enforcement Notice - Decision - IN THE MATTER OF Michel Savard - Settlement Accepted
MONTRÉAL, June 18, 2014 /CNW/ - On June 5, 2014, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, including sanctions, between IIROC Staff and Michel Savard.
Mr. Savard admitted to participating in manipulative or deceptive methods, acts or practices involving a security, even though he knew or ought reasonably to have known that such participation was intended to maintain the sale price, ask price and bid price within a predetermined range.
Specifically, Mr. Savard admitted to the following contravention:
a) Between August 2010 and December 2011, Mr. Savard was part of manipulative or deceptive methods, acts or practices involving Capital VTech Lab/Capital DGMC Inc. shares, even though he knew or ought reasonably to have known that these manipulative or deceptive methods, acts or practices were intended to maintain the sale price, ask price or bid price within a predetermined range, contrary to UMIR Policy 2.2.
Pursuant to the Settlement Agreement, Mr. Savard agreed to the following penalties:
a) Suspension of his market access for a period of 30 days;
b) A fine of $25,000; and
c) Strict supervision for a period of six (6) months from the penalty date, with the transmission of monthly reports to IIROC attesting that supervision was performed, followed by 12 months of close supervision, with the transmission of a monthly report to IIROC attesting that supervision was performed.
Mr. Savard also agreed to pay IIROC costs in the amount of $5,000.
The Settlement Agreement and the Hearing Panel's decision 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.
IIROC formally initiated the investigation into Mr. Savard's conduct in August 2012. The conduct occurred when he was a Registered Representative at the Longueuil branch of Laurentian Bank Securities Inc., an IIROC-regulated firm. Mr. Savard is now a Registered Representative at the Westmount branch of Rothenberg Capital Management Inc.
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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.
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