Aggregated News From Investment Management Regulators

IIROC Imposes Sanctions on Philippe Bélisle

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Following a penalty hearing held on September 13, 2021, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following penalties on Philippe Bélisle:

  1. For count 1 :
    1. A fine of $50,000;
    2. Disgorgement of $12,600;
    3. A temporary ban for 10 years less 14 months;
    4. Two years of strict supervision.
  2. For counts 2 and 3, an aggregate fine of $50,000.

Mr. Bélisle is also ordered to pay costs in the amount of $10,000.

The penalty decision can be found at:

Re Bélisle, 2021 OCRCVM 23

In an earlier decision dated July 5, 2021, the hearing panel concluded that Mr. Bélisle had appropriated a client’s funds for his personal use, in addition to executing unauthorized trades in a client’s account that were not within the bounds of good business practice.

The Liability Decision can be found at:

Re Bélisle, 2021 IIROC 13

IIROC formally initiated the investigation into Mr. Bélisle’s conduct in March 2017. The violations occurred when Mr. Bélisle was a registered representative at the Montréal Branch of National Bank Financial Inc., an IIROC-regulated firm. Mr. Bélisle is no longer a registrant with an IIROC-regulated firm.

All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website.

Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.

The Investment Industry Regulatory Organization of Canada (IIROC) is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information, visit www.iiroc.ca

View the PDF from the Investment Industry Regulatory Organization of Canada (IIROC CA) here: Source link

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