Enforcement Notice Hearing - IN THE MATTER OF Denyse Giroux-Garneau - Discipline Hearing

MONTRÉAL, Dec. 21, 2015 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Denyse Giroux-Garneau.

The hearing concerns allegations that Ms. Giroux-Garneau failed to inform her employer of the death of her client and to update the client's account form, and carried out unauthorized transactions in that client's account four months after his death, for the purpose of appropriating the amount of $15,972.88.

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

Hearing Date:	January 21, 2016, at 9:30 a.m.
Location:	Centre Mont-Royal
	2200 Mansfield Street
	Montréal (Québec)

Specifically, the allegations are that:

a)	On February 11 and 14, 2014, whereas the account of the client deceased on October 12, 2013 had not been designated as a "discretionary" or "managed" account, Ms. Giroux-Garneau engaged in conduct unbecoming when she carried out two unauthorized and liquidating securities transactions in the client's TFSA account, terminated the client's TFSA account and gave instructions to transfer an amount of $15,294.63 to the client's bank account, without obtaining the prior authorization of the liquidator of the client's succession, contrary to Rule 29.1, Rule 1300.4 and Rule 1300.5 of IIROC;
b)	On February 14, 2014, Ms. Giroux-Garneau engaged in business conduct or practice which is unbecoming, by unlawfully appropriating, by means of a blank cheque signed by the client while he was still living, the sum of $15,972.88, contrary to IIROC Rule 29.1; and
c)	Effective October 12, 2013, Ms. Giroux-Garneau engaged in business conduct or practice which is unbecoming by not informing her employer of her client's death, by not updating the client's new account application form following the latter's death, and by not changing the client account to an estate account, contrary to IIROC Rule 29.1 and to IIROC Rule 1300.1(a).

IIROC formally initiated the investigation into Ms. Giroux-Garneau's conduct in June 2014. The conduct allegedly occurred while Ms. Giroux-Garneau was a Registered Representative at the Montréal branch of Industrial Alliance Securities Inc., an IIROC-regulated firm. Ms. Giroux-Garneau is no longer a registrant with an IIROC-regulated firm.

The Notice of Hearing which sets out the allegations is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=812E8D6075534478BE8EE8FFF93B73B9&Language=en  

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.

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IIROC is the national self-regulatory organization which 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 maintaining efficient and competitive capital markets.  IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian 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, 514 878-2854, [email protected]; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, [email protected]