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IIROC fines Paquette after client loses $388,816

2019-10-07 20:25 ET - Street Wire

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by Mike Caswell

The Investment Industry Regulatory Organization of Canada has imposed $55,000 in penalties on Jean-Pierre Paquette, an Industrial Alliance Securities Inc. employee, for a three-week unauthorized trading spree from 2016. According to IIROC, Mr. Paquette executed 31 trades in the accounts of one client, inflicting a $388,816 loss. Industrial Alliance later had to compensate the client, with Mr. Paquette in turn repaying Industrial Alliance.

The penalty for Mr. Paquette is contained in a settlement agreement that IIROC released on Monday, Oct. 7. The sanction includes a $50,000 fine plus reimbursement of $5,000 in IIROC's costs. In entering the settlement, Mr. Paquette has agreed that he committed the violations and that he will not make any public statement contrary to his settlement agreement.

The sanctions stem from an options trading account that Mr. Paquette opened in April, 2015, for an unidentified corporate entity. The six shareholders of that entity included Mr. Paquette's brother. When Mr. Paquette opened the account, he agreed that any trading required written approval, via text message, and that Mr. Paquette's brother could not submit orders.

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NFLX from may 2016, was up as high as 500%, TWTR up 400% in 1 year, Apple up 300% from 2016, a whole slew of others, your genius didn't pick one of those for you, go take the course yourself.

Posted by well at 2019-10-08 09:33