MONTRÉAL, Dec. 27, 2012 /CNW/ - A hearing was originally scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), in the matter of Daniel Bergeron from September 24 to September 28, 2012. The hearing was adjourned to January 29, 2013.
The hearing concerns allegations that Mr. Bergeron failed to use due diligence when he recommended a private placement to his clients without verifying its nature or doing adequate follow-up, and without informing his employer.
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:||January 29, 30 and 31, 2013, at 10 a.m.|
2200 Mansfield Street
Mansfield 2 Room
Specifically, the allegations are that:
(a) Between 2002 and 2009, Mr. Bergeron, while a Registered Representative with CIBC World Markets Inc., by recommending investments in Ressources Dasserat stocks to his clients, failed in his role of gatekeeper by not using due diligence to verify the nature of the investment and by not doing adequate follow-up of his clients' investments subsequently, contrary to IIROC Dealer Member Rule 29.1 (formerly IDA By-law 29.1);
(b) Between June 2002 and September 2003 or thereabouts, Mr. Bergeron, while a Registered Representative with CIBC World Markets Inc., facilitated a purported purchase by his clients of stock in Ressources Dasserat, in a private off-book investment, which constituted outside business activity without the knowledge of his firm, contrary to IIROC Dealer Member Rule 29.1 (formerly IDA Bylaw 29.1).
IIROC formally initiated the investigation into Mr. Bergeron's conduct in April 2010. The alleged violations occurred when Mr. Bergeron was a Registered Representative with the Québec City branch of CIBC World Markets Inc., an IIROC-regulated firm. Mr. Bergeron is still a Registered Representative at the Québec City branch of Desjardins Securities Inc.
The Notice of Hearing which sets out the allegations is available at
* * *
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