MONTRÉAL, Jan. 28, 2013 /CNW/ - Following a disciplinary hearing held on July 4 and 5, 2012 in Montréal, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Jean-François 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 and the Over-the-Counter Bulletin Board.
The Hearing Panel's decision, dated December 13, 2012, is available at:
Specifically, the panel found that Mr. Lemay committed the following violation:
Mr. Lemay entered orders or executed transactions on the TSX Venture Exchange and on a quotation and trade reporting system, the Over-the-Counter Bulletin Board, when he knew, or ought reasonably have known, that the entry of such orders or the execution of the transactions would create, or could reasonably be expected to create, a false or misleading appearance of trading activity with respect to the security, contrary to UMIR 2.2(2)(a) and to Policy 2.2.
A separate hearing will be scheduled to determine the penalty for Mr. Lemay and 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. Lemay's conduct in August 2009. The conduct occurred when Mr. Lemay 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.
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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
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Enforcement Notice Decision - IN THE MATTER of Jean-François Lemay - Discipline Decision - Liability
Jan 28, 2013, 04:01 EST