Contact
Toronto (Ontario), March 18, 2024 – Following a settlement hearing under the Mutual Fund Dealer Rules held on February 1, 2024, in Toronto, Ontario, a hearing panel of the Canadian Investment Regulatory Organization (CIRO) found that Stephen Patrick Laporte:
- failed to record and maintain adequate evidence of client trade instructions with respect to transactions that he processed pursuant to Limited Trade Authorizations,
- altered, and used to process transactions, 44 account forms in respect of 33 clients by altering information on the account forms without having the clients initial the alterations, and
- obtained, possessed and used to process transactions, 2 pre-signed account forms in respect of 2 clients.
The hearing panel issued its reasons for decision on February 23, 2024, which are available at:
In its reasons for decision, the hearing panel confirmed a fine of $26,000 and costs of $5,000 imposed on Stephen Laporte.
At all material times, Stephen Laporte conducted business in the Ottawa, Ontario area.
All information about disciplinary proceedings relating to current and former member firms and individual registrants under the Investment Dealer and Partially Consolidated Rules (for investment dealers), the Mutual Fund Dealer Rules (for mutual fund dealers) and the Universal Market Integrity Rules (UMIR) is available on CIRO's website.
Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by CIRO-regulated investment firms is available free of charge through the AdvisorReport service. Information on how to make dealer, advisor or marketplace-related complaints is available by calling 1-877-442-4322.
CIRO investigates possible misconduct by its member firms and individual registrants. It can bring disciplinary proceedings which may result in sanctions including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
-30-