A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement, with sanctions, between IIROC staff and Carol Voyer.

Specifically, Voyer admitted to the following violations:

a) Between March 2005 and August 2006, Voyer engaged in conduct unbecoming and detrimental to the public interest by consenting to financial arrangements with three of his clients in the course of the business relationship developed with them, without the knowledge of the firm, contrary to By-law 29.1 of the IDA (now IIROC Dealer Member Rule 29.1);
b) On or about February 23, 2006, Voyer engaged in conduct unbecoming when, without the knowledge of the firm, he allowed one of his clients to subscribe for shares in Plexmar Resources Inc., knowing that said client was not an accredited investor within the meaning of Regulation 45-106 respecting Prospectus and Registration Exemptions (R.S.Q., c. V-1.1. r.0.1.001.1), contrary to IDA By-law 29.1 (now IIROC Dealer Member Rule 29.1);
c) Between June 27 and August 25, 2006, Voyer engaged in a non-exchange trade by selling shares in Plexmar Resources Inc. on behalf of a client, without informing the firm, contrary to IDA By-law 29.1 (now IIROC Dealer Member Rule 29.1);
d) Between July 2004 and September 2006, Voyer failed in his professional duty by not disclosing his outside personal business to the firm, contrary to IDA By-law 29.1 (now IIROC Dealer Member Rule 29.1).

Pursuant to the settlement agreement, Voyer agreed to the following penalties:

(a) An aggregate fine of $40,000; and
(b) Suspension from approval with IIROC in any capacity for a period of two years.

Voyer also agreed to pay costs in the amount of $5,000.

Read the settlement agreement and panel’s decision.

IIROC formally initiated the investigation into Voyer’s conduct in December 2006. The violations occurred when he was a representative with the Rimouski branch of Peak Securities Inc., an IIROC-regulated firm. Voyer is no longer a registrant with an IIROC-regulated firm.