Enforcement Notice - Decision - IIROC Hearing Panel Finds Former Montréal Investment Advisor Philippe Bélisle Liable

MONTRÉAL, July 15, 2021 /CNW/ - Following a disciplinary hearing held on June 28, 2021 in Montréal, Québec, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Philippe Bélisle appropriated a client's funds for his personal use and executed unauthorized trades in a client's account that were inconsistent with good business practices.  

The Hearing Panel's decision dated June 28, 2021 can be found here:  Bélisle, Philippe – Decision

The translated version of this decision will be posted when it becomes available.

Specifically, the Hearing Panel found that Mr. Bélisle committed the following violations: 

a)    between February and April 2015, he appropriated a client's funds for his personal use, contrary to IIROC Dealer Member Rule 29.1 and Rule 1400 of the IIROC Consolidated Rules (after September 1, 2016);

b)   between February 2015 and November 2016, he executed unauthorized trades in a client's account, contrary to IIROC Dealer Member Rule 29.1 and Rule 1400 of the Consolidated Rules (after September 1, 2016);

c)     between February 2015 and November 2016, he executed trades in a client's account that were not within the bounds of good business practice, contrary to IIROC Dealer Member Rule 1300.1(o).

A separate hearing will be held to determine the penalty to be imposed on Mr. Bélisle, the date of which will be made available at www.iiroc.ca.

Documents related to ongoing IIROC enforcement proceedings – including Reasons and Decisions of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.

IIROC formally initiated the investigation into Mr. Bélisle's conduct in March 2017. The alleged violations occurred when Mr. Bélisle was a registered representative at the Montréal Branch of National Bank Financial Inc., an IIROC-regulated firm. Mr. Bélisle is no longer a registrant with an IIROC-regulated firm.

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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 175 Canadian investment dealer firms of varying sizes and business models, and their more than 30,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.

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.

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.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

Enforcement Contact: Claudyne Bienvenu, Vice-President, Québec and Atlantic, 514 878-2854, [email protected]; Media Contact: Evelyn Tchakarov, Public Affairs Specialist, [email protected]

Related Links

www.iiroc.ca