The disciplinary committee of Montreal Exchange has fined a former registered representative of BLC Securities Inc. and Laurentian Bank Securities Inc. $50,000 for excessive trading and placing herself in a conflict of interest.

The committee also ordered to Denise Dubreuil to refund the costs of the investigation for an additional amount of $21,183.29.

The committee determined that, during the period of November 1999 to May 2001, Dubreuil had a conduct unbecoming a person approved by the MX and detrimental to the interests or the welfare of the public by excessively multiplying the transactions in a client’s succession account in order to generate commissions and by placing herself in a situation of conflict of interests, when she acted as an investment representative on behalf of the succession of a client while her spouse was the sole liquidator of this succession.

At the time of these infractions, Dubreuil was a registered representative of BLC Securities Inc. and Laurentian Bank Securities Inc.

During this period, 402 transactions were executed in the succession accounts of her client. On an annual basis, the value of these transactions represented 16.27 times the average value of the succession accounts and the gross commissions generated by these transactions represented 14.4% of the value of the succession accounts.

The fine of $50,000 consists of an amount of $30,000 for excessive trading and $20,000 for having placed herself in a conflict of interest position.

Dubreuil is not currently employed in the securities industry.