IIROC fines rep $35,000 for fictitious trades

By Staff | June 5, 2013 | Last updated on June 5, 2013
1 min read

Following a disciplinary hearing held on July 4 and 5, 2012, in Montréal, Québec, an IIROC hearing panel found Jean-François Lemay simultaneously entered buy and sell orders for the benefit of the same person, thereby creating fictitious trades for the purchase and sale of these securities on the TSX Venture Exchange.

Following a penalty hearing held on March 15, 2013, the hearing panel imposed the following penalty on Lemay:

(a) A suspension of access to the marketplaces for a period of six months, beginning March 15, 2013; (b) A fine of $35,000; (c) Strict supervision by his employer for a period of 12 months, should Lemay return to employment by an IIROC-regulated firm; (d) Successful completion of the Conduct and Practices Handbook Course. Lemay is also ordered to pay IIROC costs in the amount of $25,000.

Read the penalty decision here.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.