Legal Issues

On March 23, 2015, a hearing panel of the Investment Industry Regulatory Organization of Canada accepted a settlement agreement between IIROC staff and Jean-Yves Gaudreault.

As stated in the agreement, Gaudreault admitted he failed to use due diligence to ensure that his recommendations to buy, sell and/or hold securities were suitable for one of his clients.

Pursuant to the settlement agreement, Gaudreault agreed to:

  • a fine in the amount of $12,500;
  • disgorgement of $3,000 representing the fees collected;
  • a four-month suspension of approval in any capacity;
  • strict supervision for a period of 12 months upon re-approval; and
  • successful completion of the Conduct and Practices Handbook Course as a condition for re-approval.

Gaudreault also agreed to pay IIROC costs in the amount of $2,500.

IIROC formally initiated the investigation into Gaudreault’s conduct in May 2012. The conduct occurred when he was a registered representative with the Québec City branch of Canaccord Genuity, an IIROC-regulated firm. Gaudreault is no longer a registrant with an IIROC-regulated firm.

Read the settlement agreement.

Originally published on Advisor.ca

Add a comment

You must be logged in to comment.

Register on Advisor.ca