IIROC has issued the following release:
A hearing has been scheduled before a hearing panel of the Investment Industry Regulatory Organization of Canada in the matter of Denyse Giroux-Garneau.
The hearing concerns allegations that Giroux-Garneau failed to inform her employer of the death of her client and to update the client’s account form, and carried out unauthorized transactions in that client’s account four months after his death, for the purpose of appropriating the amount of $15,972.88.
The hearing is open to the public, unless the hearing panel orders otherwise. The decision of the hearing panel will be made available at www.iiroc.ca. The hearing will take place on January 21, 2016, at 9:30 a.m., at Centre Mont-Royal in Montréal, Québec.
Specifically, the allegations are that:
a) On February 11 and 14, 2014, whereas the account of the client deceased on October 12, 2013 had not been designated as a “discretionary” or “managed” account, Giroux-Garneau engaged in conduct unbecoming when she carried out two unauthorized and liquidating securities transactions in the client’s TFSA account, terminated the client’s TFSA account and gave instructions to transfer an amount of $15,294.63 to the client’s bank account, without obtaining the prior authorization of the liquidator of the client’s succession, contrary to Rule 29.1, Rule 1300.4 and Rule 1300.5 of IIROC;
b) On February 14, 2014, Giroux-Garneau engaged in business conduct or practice which is unbecoming, by unlawfully appropriating, by means of a blank cheque signed by the client while he was still living, the sum of $15,972.88, contrary to IIROC Rule 29.1; and
c) Effective October 12, 2013, Giroux-Garneau engaged in business conduct or practice which is unbecoming by not informing her employer of her client’s death, by not updating the client’s new account application form following the latter’s death, and by not changing the client account to an estate account, contrary to IIROC Rule 29.1 and to IIROC Rule 1300.1(a).
IIROC formally initiated the investigation into Giroux-Garneau’s conduct in June 2014. The conduct allegedly occurred while Giroux-Garneau was a Registered Representative at the Montréal branch of Industrial Alliance Securities Inc., an IIROC-regulated firm. Giroux-Garneau is no longer a registrant with an IIROC-regulated firm.
Read the Notice of Hearing.