IIROC rep fined $100,000, suspended one month

By Staff | March 29, 2017 | Last updated on March 29, 2017
1 min read

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.

Advisor.ca staff


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