Montréal (Québec), September 22, 2023 – On September 12, 2023, a hearing panel of the Investment Dealer Division of the Canadian Investment Regulatory Organization (CIRO) accepted a settlement agreement, with sanctions, between Enforcement Staff and Louis Desprès.
Mr. Desprès admitted that between March 2017 and December 2019, he failed to ensure that the recommendations he made for the accounts of one of his clients were suitable for that client.
Pursuant to the settlement agreement, Mr. Desprès agreed to the following sanctions:
- a fine of $18,000, including disgorgement of the financial benefits of $4,000; and
- successful completion of the Conduct and Practices Handbook exam within 60 days following the acceptance of the settlement.
Mr. Desprès also agreed to pay costs in the amount of $2,000.
The Settlement Agreement is available at:
The hearing panel’s reasons for decision will be made available at www.iiroc.ca.
The alleged violations occurred while the Respondent was a Registered Representative at the Québec City branch of Raymond James Ltd, where he continues to be employed in a registered capacity.
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All information about disciplinary proceedings relating to current and former member firms and individual registrants is available in the Enforcement section of the IIROC website for investment dealer disciplinary proceedings and the MFDA website for mutual fund dealer disciplinary proceedings.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated firms (Investment Dealer Division) is available free of charge through the AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
Other Notices associated with this Enforcement Proceeding:
Welcome to CIRO.ca!
We have a new look! You can find the Canadian Investment Regulatory Organization (CIRO) at CIRO.ca with our fresh look and feel.
You can now find new publications published by CIRO since January 1, 2023 on CIRO.ca. If you are looking for past notices or bulletins published by MFDA or IIROC, you can find those on our legacy websites. Enforcement related content will continue on those websites as well.
You can now find previous Annual Reports and Enforcement Reports on CIRO.ca, along with Halts and Resumption, and our ePublications sign up (for all previous MFDA and IIROC subscriber lists).
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