IIROC Begins Disciplinary Action Against Former Montréal Investment Advisor Philippe Bélisle

21-0012
Type: Enforcement Notice> Hearing

Contact:

Claudyne Bienvenu
Vice-President, Québec and Atlantic
Telephone:
Email:
Andrea Zviedris
Manager, Media Relations
Telephone:
Email:

January 18 , 2021 (Montréal, Québec)  — An appearance has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) for the purpose of setting a date for a disciplinary hearing in the matter of Philippe Bélisle.

The disciplinary hearing will concern the following allegations:                  

  1. Between February and April 2015, the Respondent appropriated a client’s funds for his personal use, contrary to IIROC Dealer Member Rule 29.1 and Rule 1400 of the IIROC Consolidated Rules (after September 1, 2016);
  2. Between February 2015 and November 2016, the Respondent executed unauthorized trades in a client’s account, contrary to IIROC Dealer Member Rule 29.1 and Rule 1400 of the Consolidated Rules (after September 1, 2016);
  3. Between February 2015 and November 2016, the Respondent executed trades in a client’s account that were not within the bounds of good business practice, contrary to IIROC Dealer Member Rule 1300.1(o).

IIROC formally initiated the investigation into Mr. Bélisle’s conduct in March 2017. The alleged violations occurred when Mr. Bélisle was a registered representative at the Montréal Branch of National Bank Financial Inc., an IIROC Regulated Firm. Mr. Bélisle is no longer a registrant with an IIROC regulated firm.

The set date appearance is open to the public, unless the Hearing Panel orders otherwise. Members of the public who wish to attend must contact IIROC’s National Hearing Coordinator at [email protected] for more information.

Set Date Appearance: The Set Date Appearance will take place by videoconference on February 23, 2021, at 9:30 a.m.                       

The Notice of Hearing and Statement of Allegations are available at 
Bélisle, Philippe – Notice of Hearing and Statement of Allegations

Documents related to ongoing IIROC enforcement proceedings – including Decisions and Reasons of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.

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IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 175 Canadian investment dealer firms, and their more than 30,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.

IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges of membership for individuals and firms.

All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.

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