Marginal note:Broker reducing stock by selling for their own account
384 (1) Every person commits an offence who, being an individual, or a member or employee of a partnership, or a director, officer or employee of a corporation, if they or the partnership or corporation is employed as a broker by any customer to buy and carry on margin any shares of an incorporated or unincorporated company or undertaking, whether in or outside Canada, later sells or causes to be sold shares of the company or undertaking for any account in which they or their firm or a partner of the firm or the corporation or a director of the corporation has a direct or indirect interest, if the effect of the sale is, otherwise than unintentionally, to reduce the amount of those shares in the hands of the broker or under their control in the ordinary course of business below the amount of those shares that the broker should be carrying for all customers.
Marginal note:Punishment
(2) Every person who commits an offence under subsection (1) is guilty of
(a) an indictable offence and liable to imprisonment for a term of not more than five years; or
(b) an offence punishable on summary conviction.
- R.S., 1985, c. C-46, s. 384
- 2019, c. 25, s. 141
- Date modified: