The Investment Industry Regulatory Organization of Canada (IIROC) has fined a former broker in Quebec $20,000 for his conduct.

On November 9, an IIROC hearing panel accepted a settlement agreement between IIROC staff and Stephen Moran.

Moran admitted that, while he was a registered representative with the Pointe-Claire branch of Desjardins Securities, he borrowed $10,000 from a client without informing his employer and without obtaining the latter’s prior authorization.

Moran agreed to the following penalties:

  • a fine of $20,000;
  • a 12-month period of strict supervision following his reapproval; and
  • successful completion of the Conduct and Practices Handbook examination.

He also agreed to pay $2,500 in costs.

IIROC formally initiated the investigation into Moran’s conduct in August 2011. He is no longer a registrant with an IIROC-regulated firm.