IIROC Begins Disciplinary Action Against Former St. Catharines Investment Advisor Milan Plentai 

Type: Enforcement Notice> Hearing


Charles Corlett
Vice-President, Enforcement
Evelyn Tchakarov
Public Affairs Specialist

June 9, 2021 (St. Catharines, Ontario) – 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 the disciplinary hearing in the matter of Milan Plentai.

The discipline hearing concerns allegations that:

  1. In 2017 and 2018, Milan Plentai (“Plentai”) engaged in personal financial dealings with a client, including accepting payments for activities conducted on behalf of the client, contrary to Dealer Member Rule 43.2(1).
  2. Between July 2017 and April 2019, Plentai acted as Power of Attorney for personal care for a client, contrary to Dealer Member Rule 43.2(5).
  3. In or around June 2018, Plentai arranged for his spouse to become a beneficiary of the client’s will, contrary to Consolidated Rule 1400.

IIROC formally initiated the investigation into Mr. Plentai’s conduct in January 2020. The alleged violations occurred while he was a Registered Representative with the St. Catharine’s branch of National Bank Financial Inc., an IIROC-regulated firm. Mr. Plentai 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 would like to attend the hearing should contact IIROC’s National Hearing Coordinator at [email protected] to obtain the details.  The date for the discipline hearing will be made available at www.iiroc.ca.

Appearance Date:  The hearing will be held by way of videoconference on June 17, 2021 at 10:00 a.m.

The Notice of Hearing and Statement of Allegations which sets out the allegations is available at:
Plentai, Milan – Notice of Hearing and Statement of Allegations

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

*  *  *

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 of varying sizes and business models, and their more than 30,000 registered employees. 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 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.


Other Notices associated with this Enforcement Proceeding: