The Investment the Investment Industry Regulatory Organization of Canada (IIROC) has fined a pair of Quebec brokers for engaging in off-book securities activities.
On March 14 in Monteal, an IIROC hearing panel accepted a settlement agreement, which included disciplinary sanctions, between the IIROC staff and Marc Dalpé and Jean-Marc Milette.
The violations occurred when Dalpé was a registered representative and portfolio manager and Milette was a registered rep, both with the Montreal branch of Desjardins Securities Inc.
Dalpé and Milette admitted that they engaged in securities- related activities without recording them in their employer’s books.
Dalpé and Milette agreed to pay fines of $15,000 each. In addition they were ordered to disgorge the profits they realized by off-book activities — $75,00 for Dalpé and $52,468 for Milette. They also agreed to pay $10,000 in costs.
IIROC formally initiated the investigation into the conduct the pair in November 2011.
Dalpé and Milette are still within the industry in a registered capacity, at the Montreal branch of Richardson GMP Ltd.