IIROC rep fined $100,000, suspended one month

On February 21, 2017, an IIROC hearing panel fined and suspended registered rep Richard Poirier.

Poirier admitted facilitating a client’s investment in a private placement and accepting remuneration or a gratuity, benefit or other consideration from a person other than the dealer member with whom he was employed.

Specifically, Poirier admitted to the following:

• In June 2008, he facilitated a client’s investment in an off‑book transaction without the knowledge or consent of his IIROC-dealer employer, contrary to IIROC dealer member rule 29.1.
• On or around May 1, 2011, he directly or indirectly accepted remuneration, a gratuity or benefit, or other consideration from a person other than the dealer member, contrary to IIROC dealer member rule 18.15.

The settlement agreement states Poirier accepted a personal cheque of $150,000 from his client, which he deposited in his personal bank account and refrained from reporting.

Pursuant to the settlement agreement, Poirier agreed to the following penalties:

• an aggregate fine of $100,000, with costs;
• a suspension of approval for one month;
• 12 months of close supervision in the event of re-approval with IIROC; and
• passing the examination based on the Conduct and Practices Handbook Course within 12 months following acceptance of the settlement agreement.

Read the full decision here.

Staff

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