The Investment Industry Regulatory Organization of Canada has fined a former rep with BMO Nesbitt Burns Inc. $30,000 for acting as a portfolio manager without having been registered as one.
The violation occurred between October 2008 and March 2009, when Daniel Biron was a registered representative with the Montreal branch of BMO Nesbitt Burns.
In the settlement agreement accepted by an IIROC hearing panel, Biron admitted he acted as a portfolio manager in several client accounts without having been registered in this capacity, without the accounts having been authorized by BMO Nesbitt Burns, and without his clients having signed a managed account agreement.
Biron agreed to a $30,000 fine, strict supervision for a 18 months along with a requirement to file monthly strict supervision reports with the IIROC Registration Dept. and to retake and pass the Conduct and Practices Handbook Course within six months following the effective date of the settlement agreement. He also agreed to pay $3,000 in costs.
Biron is no longer a registrant with an IIROC-regulated firm.