IIROC Sanctions Milan Plentai

22-0033
Type: Enforcement Notice> Decision

Contact:

Andrew P. Werbowski
Director, Enforcement Litigation
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Email:
Julia Mackenzie
Public Affairs Specialist
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March 4, 2022 (St. Catharines, Ontario) – On February 28, 2022, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Milan Plentai.

Mr. Plentai admitted that he engaged 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. 

Specifically,  Mr. Plentai admitted to the following violations:

  1. In 2017 and 2018, Mr. Plentai engaged in personal financial dealings with a client, RC, 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 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, contrary to Consolidated Rule 1400; and
  3.  In or around June 2018, Mr. Plentai 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, contrary to Consolidated Rule 1400.

Pursuant to the Settlement Agreement, Mr. Plentai agreed to the following penalty:

  1. a fine of $45,000;
  2. disgorgement of $6,170;
  3. two-year prohibition of approval commencing on the date of approval of the Settlement Agreement; and
  4. successful completion of the Conduct and Practices Course before any re-approval.

Mr. Plentai also agreed to pay costs in the amount of $10,000.

The Settlement Agreement is available at:                                                                                                   

Plentai, Milan – Settlement Agreement

The Hearing Panel’s decision will be made available at www.iiroc.ca.

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.

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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.

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Other Notices associated with this Enforcement Proceeding: