Insider trading costs advisor $20,000

By Staff | February 2, 2012 | Last updated on February 2, 2012
2 min read

A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has imposed the following penalties on Natalie St-Amant:

(a) a fine of $20,000;

(b) close supervision, which shall end one year after the date of this decision; and

(c) suspension of approval with IIROC in any capacity for a period of one month from the date of this decision.

The hearing panel also ordered St-Amant to pay costs in the amount of $15,000. The decision and reasons on penalties dated December 20, 2011 are available here.

In an earlier decision on liability, announced June 8, 2011, a panel found that St-Amant violated IIROC rules when she:

• effected trades for her own account and directly from insiders in publicly traded companies, and without the knowledge of her employer;

• compensated clients without the knowledge of her employer;

• failed in her duty to protect the public in connection with a client’s trades that were or could be an indication of market manipulation; and

• took part in a private placement for her own account without prior disclosure of the proposed trade to her employer.

The decision and reasons respecting liability, handed down by the panel on May 18, 2011, are available here.

IIROC began investigating Natalie St-Amant’s conduct in November 2006. The violations occurred while St-Amant was a registered representative at the Brossard branch of Desjardins Securities Inc., an IIROC-regulated firm. St-Amant is still employed with Desjardins Securities Inc. in the capacity of registered representative.

Documents related to ongoing IIROC enforcement proceedings—including reasons and decisions of hearing panels – are posted on the IIROC website as they become available.

Read: IIROC fines manager for poor oversight staff


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