The Investment Industry Regulatory Organization of Canada (IIROC) has fined Jacques Turenne $10,000 for engaging in a personal financial dealing with a client.
In March 2012, while a registered representative at the Shawinigan, Que. branch of PEAK Securities Inc., Turenne borrowed $8,000 from a client, according to IIROC documents. The client was retired and a widow. Turenne did not inform PEAK of the loan.
IIROC’s settlement agreement states that PEAK became aware of the loan when the client sent a written complaint to the firm in September 2012 stating that she had yet to be reimbursed. As a result PEAK reimbursed the money to the client and Turenne in turn repaid the $8,000 to the firm. Turenne was let go from PEAK in September 2012.
In addition to the fine, Turenne is suspended from approval for one month, he must pass the Conduct and Practices Handbook Course exam within six months of applying for reapproval and he must be strictly supervised for 12 months with a mandatory monthly report submitted to the IIROC Registration Department. As well, Turenne must pay $1,000 in costs.
Turenne is not currently registered with any IIROC-regulated firm.