MONTRÉAL, Feb. 15, 2013 /CNW/ - A penalty hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), in the matter of Jean-François Lemay.
The Hearing Panel will consider the penalty to be imposed as a result of its decision dated December 13, 2012, in which it found that Mr. Lemay simultaneously entered buy and sell orders for the benefit of the same person, thereby creating fictitious trades for the purchase and sale of these securities on the TSX Venture Exchange (TSXV) and the Over-the-Counter Bulletin Board (OTCBB).
The Hearing Panel's liability decision is available at:
The penalty hearing is open to the public, unless the panel orders otherwise. The decision of the Hearing Panel will be made available at www.iiroc.ca.
|Hearing Date:||March 15, 2013, at 10 a.m.|
Centre Mont-Royal, Room Mansfield 2
2200 Mansfield Street
IIROC formally initiated the investigation into Mr. Lemay's conduct in August 2009. The violations occurred when he was a Registered Representative with the Montréal branch of Union Securities Ltd., an IIROC-regulated firm. Mr. Lemay is no longer a registrant with an IIROC-regulated firm.
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 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