Ex-IIROC rep fined $155,000

By Staff | November 20, 2012 | Last updated on November 20, 2012
1 min read

Following a hearing on August 8, 2012, an IIROC hearing panel accepted a Settlement Agreement, with sanctions, between IIROC staff and Mr. Alan Cusson.

Cusson admitted that between June 2004 and April 2008, he engaged in business conduct unbecoming or detrimental to the public interest when he misappropriated funds from one of his clients. Cusson also admitted he engaged in personal financial dealings with a client without disclosing and obtaining prior approval from his employer.

Pursuant to the Settlement Agreement, the panel imposed the following penalties against Cusson:

  • A permanent ban from re-applying for registration in any capacity; and
  • A $155,000 fine

Cusson also agreed to pay costs in the amount of $10,000.

IIROC initiated the investigation into Cusson’s conduct in March 2010. The violations occurred when he was a registered representative with the Montreal Branch of Ville St-Laurent Branch of Berkshire Securities Inc., now known as Manulife Securities Inc., an IIROC-regulated firm. Cusson is no longer a registrant with an IIROC-regulated firm.

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