IIROC to Hold Disciplinary Hearing for Milan Plentai

21-0195
Type: Enforcement Notice> Hearing

Contact:

Andrew P. Werbowski
Director, Enforcement Litigation
Telephone:
Email:
Julia Mackenzie
Public Affairs Specialist
Email:

October 21, 2021 (St. Catharines, Ontario) – A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Milan Plentai.

The hearing concerns allegations that between 2017 and 2019, Mr. Plentai, then a Registered Representative with National Bank Financial Inc., engaged in personal financial dealings with a vulnerable client in which he accepted payments from the client that were not related to an approved outside business activity, accepted appointments under powers of attorney for the client (a non-Related Person),  and arranged for his spouse to become a beneficiary under the client’s will.  Further, in accepting payments from the client, Mr. Plentai directed the client to make cheques payable to his spouse instead of himself. 

The hearing is open to the public, unless the Panel orders otherwise. The decision of the Hearing Panel will be made available at www.iiroc.ca

Hearing Date: The hearing will commence on February 28, 2022 at 10:00 a.m.

Location:  Aitchison & Denman, 155 University Avenue, 8th Floor, Toronto, Ontario

Specifically, the allegations are that:

  1. In 2017 and 2018, Mr. 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, Mr. Plentai acted as attorney for personal care for a client pursuant to a Power of Attorney, contrary to Dealer Member Rule 43.2(5).
  3. In or around June 2018, Mr. Plentai arranged for his spouse to become a beneficiary of a 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. 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 Hearing and Statement of Allegations which sets out the allegations is available at:

Plentai, Milan – Notice of Hearing and Statement of Allegations

*  *  *

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.

-30-

Other Notices associated with this Enforcement Proceeding: