On May 14, 2013, a hearing panel of the Investment Industry Regulatory Organization of Canada accepted a settlement agreement, with sanctions, between IIROC staff and Guy François Brunet.

Brunet admitted he didn’t use due diligence and failed to perform his supervisory duties adequately relative to the trades effected by two representatives.

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

  • A $40,000 fine;
  • A three-year temporary prohibition from approval as a supervisor;
  • The obligation to pass the Branch Managers Course before applying for reapproval as a supervisor.

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

Read the settlement agreement.

IIROC formally initiated the investigation into the Brunet’s conduct in November 2009. The misconduct occurred when hewas a registered representative and branch manager of the Montréal branch of Canaccord Capital, an IIROC-regulated firm. Mr. Brunet is no longer a registrant with an IIROC-regulated firm.