A hearing panel of the Investment Industry Regulatory Organization of Canada has permanently banned a Quebec numerous violations of IIROC rules.

The Investment Dealers Association of Canada (now IIROC) began its investigation into Yves Tardif’s conduct on Nov. 24, 2005. The violations occurred while he was a registered representative (mutual funds) at the Varennes, Quebec branch of iForum Securities Inc., a firm formerly regulated by IIROC.

The hearing panel accepted a settlement agreement between IIROC staff and Tardif. In the agreement, Tardif admitted he:

> accepted orders for securities which, as a registered representative limited to trading in mutual funds, he was not registered to accept);

> charged fees to clients without his firm’s knowledge or authorization;

> without the knowledge or authorization of his employer, distributed letters to his clients that contained false, misleading and incomplete information;

> sent clients consolidated portfolio statements that do not meet IIROC standards; and

> prepared and sent consolidated portfolio statements to 17 clients which contained false and misleading information about the clients’ investments.

“The actions taken by the respondent caused his clients serious harm,” the panel said in its decision. It noted that based on the same facts Tardif has already been ordered to pay fines of $453,000 following proceedings involving the Autorité des marchés financiers for offenses under the Securities Act.

Tardif has not been employed with an IIROC-regulated firm since Dec. 1, 2005.

IE