The Investment Industry Regulatory Organization of Canada has fined a Desjardins Securities Inc. branch manager and a registered representative in settlement agreements released Thursday.
An IIROC hearing panel fined Jean-Luc Beaudoin, a branch manager at the Brossard, Que. branch of Desjardins Securities $10,000 and ordered him to pay $5,000 in costs. Should he wish to hold director/officer/supervisory responsibilities in the future, he must repeat and pass the Partners, Directors and Senior Officers Course.
Beaudoin is still employed with Desjardins Securities Inc. in the capacity of registered representative.
In an earlier decision, announced June 8, 2011, a panel found that Beaudoin failed to properly supervise transactions by certain registered representatives who were under his supervision at the Brossard branch.
IIROC began investigating Beaudoin’s conduct in February 2008.
Separately, an IIROC hearing panel fined Natalie St- Amant, a registered rep at the Brossard branch, $20,000 and suspended her for one month. She will also be subject to close supervision for one year, and must pay $15,000 in costs.
In an earlier decision on liability, announced June 8, 2011, a panel found that St-Amant violated IIROC rules when she:
- effected trades for her own account and directly from insiders in publicly traded companies, and without the knowledge of her employer;
- compensated clients without the knowledge of her employer;
- failed in her duty to protect the public in connection with a client’s trades that were or
- could be an indication of market manipulation; and
- took part in a private placement for her own account without prior disclosure of the proposed trade to her employer.
IIROC began investigating St-Amant’s conduct in November 2006. She is still employed with Desjardins Securities Inc. in the capacity of registered representative.