February 22, 2022 (St. Catharines, Ontario) – A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) to consider whether the panel should accept a Settlement Agreement entered into between IIROC staff and Milan Plentai.
The Settlement Agreement relates to a Notice of Hearing that was issued in this matter on April 27, 2021 and would settle proposed allegations that the Respondent violated Dealer Member Rule 43.2(1) and Rule 1400 of IIROC’s Consolidated Enforcement, Examination and Approval Rules by engaging in personal financial dealings with a client, RC, including accepting payments for activities conducted on behalf of the client; relied on a Power of Attorney for Personal Care granted by RC as the basis for conducting activities for RC that went beyond matters of personal care; and failed to take adequate or reasonable steps to ensure that RC, a vulnerable client, had not named him as a beneficiary under RC’s will, either directly or indirectly.
The hearing is not open to the public, but will become open in the event that the panel accepts the agreement. If the agreement is accepted, the Panel’s decision and the Settlement Agreement will be made available at www.iiroc.ca.
Hearing Date: The hearing will be held by way of videoconference on February 28, 2022 at 1:00 p.m.
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. Catharines branch of National Bank Financial Inc., an IIROC-regulated firm. Mr. Plentai is no longer a registrant with an IIROC-regulated firm.
The Notice of Motion announcing the settlement hearing is available at:
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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.
Other Notices associated with this Enforcement Proceeding:
06/09/21IIROC Begins Disciplinary Action Against Former St. Catharines Investment Advisor Milan PlentaiType: Enforcement NoticeSubtype: Hearing
10/21/21IIROC to Hold Disciplinary Hearing for Milan PlentaiType: Enforcement NoticeSubtype: Hearing
02/22/22IIROC to Hear a Settlement Hearing for Milan PlentaiType: Enforcement NoticeSubtype: Hearing