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.