On July 25, 2013, a hearing panel of the Investment Industry Regulatory Organization of Canada accepted a settlement agreement, with penalties, between IIROC staff and Jacques Turenne.

Turenne admitted to engaging in a personal financial transaction with a client. Specifically, he admitted to the following violation:

  • On or about March 19, 2012, Turenne engaged in a personal financial transaction with a client. He borrowed money from her, without the knowledge and without the consent of the IIROC dealer member with whom he was employed, contrary to IIROC Dealer Member Rule 29.1.

Pursuant to the settlement agreement, Turenne agreed to: a fine of $10,000; suspension of approval for one month; he must pass the examination based on the Conduct and Practices Handbook Course within six months of applying for re-approval; and strict supervision for 12 months with mandatory submission of a monthly report to the IIROC Registration Department.

Turenne also agreed to pay costs in the amount of $1,000.

Read the settlement agreement.

IIROC formally initiated the investigation into Turenne’s conduct in November 2012. The conduct occurred when he was a registered representative with a Québec branch of PEAK Securities. Turenne is no longer a registrant with an IIROC-regulated firm.