Enforcement Notice Decision - IN THE MATTER OF Steve Duchaine - Discipline Decision - Liability
News provided by
Investment Industry Regulatory Organization of Canada (IIROC) - General NewsFeb 02, 2015, 16:06 ET
MONTRÉAL, Feb. 2, 2015 /CNW/ - Following a disciplinary hearing held on September 10, 2014, October 3, 2014 and November 6 and 7, 2014, in Montréal (Québec), a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Steve Duchaine was liable of the violations alleged by IIROC.
The Hearing Panel's decision, dated December 22, 2014, is available at
http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=14413331FA61417183346485028F2E42&Language=en.
Specifically, the Hearing Panel found that Mr. Duchaine committed the following violations:
| (a) |
Between March and August 2010, Mr. Duchaine misrepresented to several clients that the principal amount of a corporate debenture was 100% guaranteed upon maturity, when it was in fact a non-guaranteed debenture, contrary to IIROC Dealer Member Rule 29.1; |
| (b) |
On September 30, 2010, October 27, 2010 and April 29, 2011, Mr. Duchaine recommended and acquired securities that were unsuitable for a client's investment objectives and time horizon for the purpose of generating commissions, contrary to IIROC Dealer Member Rule 1300.1(q); |
| (c) |
In August 2011, Mr. Duchaine recommended and substituted bonds in a client's portfolio for the purpose of generating commissions, preferring his own interests ahead of the client's, contrary to IIROC Dealer Member Rules 1300.1(q) and 29.1; |
| (d) |
In April and August 2010, Mr. Duchaine executed transactions on clients' accounts, charging commissions that were not within the bounds of good business practice, contrary to IIROC Dealer Member Rules 1300.1(o) and 29.1; and |
| (e) |
On or around February 23, 2011, Mr. Duchaine tried to forge a client's signature to complete a retirement savings plan application form which was missing the signature, contrary to IIROC Dealer Member Rule 29.1. |
A separate hearing will be scheduled to determine the penalty for Mr. Duchaine; the date will be posted on the website 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. Duchaine's conduct in December 2012. The conduct occurred when Mr. Duchaine was a Registered Representative with the Quebec City branch of Laurentian Bank Securities Inc., an IIROC-regulated firm. Mr. Duchaine is no longer a registrant with an IIROC regulated firm.
* * *
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
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article