An IIROC hearing panel accepted a settlement agreement with Daniel Biron, following the finding that he acted as a portfolio manager without proper registration from 2008-2009.
Specifically, Biron admitted to the following violation:
(a) | Between October 2008 and March 2009, Biron engaged in conduct that was detrimental to the public interest by acting as a portfolio manager in several client accounts without having been registered in this capacity, without the accounts having been authorized by an IIROC dealer member, and without his clients having signed a managed account agreement, contrary to IIROC Dealer Member Rules 1300.7(a)(i), (b) and (c). |
Pursuant to the settlement agreement, Biron agreed to the following penalties:
(a) | a fine of $30,000; | |||
(b) | strict supervision for a period of 18 months along with a requirement to file monthly strict supervision reports with the IIROC Registration Department; and | |||
(c) | to retake and pass the Conduct and Practices Handbook Course within six months following the effective date of this agreement. |
Biron also agreed to pay costs in the amount of $3,000.
The agreement and panel’s decision dated February 8, 2012 is available here.
IIROC formally initiated the investigation into Biron’s conduct in July 2009. The violation occurred when he was a registered representative with the Montréal branch of BMO Nesbitt Burns Ltd., an IIROC-regulated firm. Biron is no longer a registrant with an IIROC-regulated firm.