November 14, 2022 (Calgary, Alberta) – Following a hearing held on November 8, 2022, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that between April 2015 and August 2021, Marc Leon St. Pierre misappropriated funds from 16 of his clients’ accounts contrary to IIROC Rule 1400 and Dealer Member Rule 29.1 (prior to September 1, 2016).
The Hearing Panel imposed the following penalty on Mr. St. Pierre:
- A permanent ban from registration in any capacity with IIROC;
- A fine in the amount of $1,000,000; and
- Disgorgement in the amount of $4,840,000.
Mr. St. Pierre is also required to pay costs in the amount of $100,000.
The Panel’s written reasons for decision will be provided at a later date.
IIROC formally initiated the investigation into Mr. St. Pierre’s conduct in September 2021. The conduct occurred while he was a Registered Representative with the Red Deer branch of ATB Securities Inc., an IIROC-regulated firm. Mr. St. Pierre is no longer a registrant with an IIROC-regulated firm.
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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 32,000 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.