A British Columbia man has been banned from the province’s investment market for 11 years after admitting he traded and advised on securities without being registered to do so, according to the regulator.
The B.C. Securities Commission says Jean Andre Lamarche also agreed to pay $46,732 to settle the matter after acknowledging he was in the business of trading and advising in securities while unregistered, contrary to the B.C. Securities Act.
According to the settlement agreement, Lamarche provided financial planning and related services to clients between Jan. 5, 2016, and March 5, 2020.
During that time, he bought and sold securities in some clients’ online brokerage accounts and provided investment recommendations, despite lacking accreditation.
The securities regulator says Lamarche was previously registered as an investment adviser from 1997 to 1999 and as a dealing representative between 2012 and 2013, but he was not registered during the period covered by the settlement.
Lamarche paid $21,732 to the regulator, representing funds he obtained through his misconduct, according to the agreement, which was signed by the BCSC’s executive director on July 13.
He also agreed to pay $25,000 to the regulator to settle the matter.
The settlement prohibits Lamarche from participating in B.C.’s investment market for 11 years, barring him from becoming a registrant, engaging in promotional activities, serving in management roles related to the investment industry or trading securities, except in his own personal account through a registered representative.
According to a statement Tuesday from the regulator, Lamarche had no prior history of securities misconduct in B.C. and he ceased the activities addressed in the settlement after learning an investigation was underway. As part of the agreement, Lamarche withdrew prior legal and constitutional challenges to the regulator’s investigation of his conduct.
