May 16, 2022 (Vancouver, B.C.) – On April 25, 2022, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement with sanctions, between IIROC staff and Lyle Langlois and James Brown (the “Respondents”).
The Respondents admitted that between 2014 and 2016 while they were registered representatives at Scotia Capital operating as Langlois Brown Wealth Management they accepted money payments from a Mutual Fund Dealer, contrary to Dealer Member Rule 18.15.
Pursuant to the Settlement Agreement, the Respondents agreed to each pay a fine of $10,000. In addition, the Respondents together agreed to pay an additional fine of $65,571.44 representing the disgorgement. In addition, the Respondents agreed to pay costs totalling $5,000 for both Respondents.
The Settlement Agreement is available at
The Hearing Panel’s decision will be made available at www.iiroc.ca
IIROC formally initiated the investigation into the Respondents’ conduct in May 2020. The conduct occurred while the Respondents were Registered Representatives with the Vancouver sub-branch of Scotia Capital Inc., an IIROC-regulated firm. The Respondents are still within the industry in a registered capacity, at the Vancouver sub-branch of iA Private Wealth Inc.
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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.
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.
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 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information,visit www.iiroc.ca.