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On February 18, 2014, a hearing panel of the Investment Industry Regulatory Organization of Canada accepted a settlement agreement between IIROC Staff and Daniel Dubois.

The regulator says Dubois admitted he failed to observe high standards of ethics and professional conduct since he engaged in securities-related activities without informing his employer.

IIROC says he also accepted remuneration or a consideration from a person other than his employer in regard to his outside business activities. Further, the regulator says he admitted he lied to his employer when questioned about his outside business activities.

Pursuant to the settlement agreement, Dubois agreed to:

a) a fine in the amount of $20,000;

b) disgorgement of $10,724, representing the fees he collected between 2004 and 2010; and

c) a one-month suspension of approval in any capacity.

Dubois also agreed to pay costs in the amount of $5,000.

IIROC formally initiated the investigation into Dubois’s conduct in November 2011. The conduct occurred when Dubois was a registered representative at the Laval branch of Desjardins Securities Inc. Dubois is currently a registered representative with the Montréal branch of Mackie Research Capital Corporation.

For more on OBAs, read:

IIROC’s top audit targets in 2014

Double-check your outside business activities

Originally published on Advisor.ca

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