An IIROC panel has found Vinh-Phat Nguyen-Qui liable for the following violations:
(a) Entered orders he knew would create a false or misleading appearance of trading activity or interest in the purchase or sale of the security;
(b) Entered short-sale orders in the pre-opening market without the proper designation; and
(c) Entered short-sale orders in the pre-opening market below the last sale price.
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The panel imposed the following penalty on Nguyen-Qui:
(a) Prohibition from accessing the market as a registered representative for a period of two months;
(b) A fine for the different counts as follows:
• $10,000 for the first count (a)
• $5,000 for each of counts (b) and (c);
(c) Nguyen-Qui is also required to take the Trader Trading Course again.
Nguyen-Qui is also ordered to pay costs in the amount of $10,000.
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IIROC initiated the investigation in May 2010. The violations occurred when Nguyen-Qui was a registered representative with the Montréal branch of W.D. Latimer Co. Ltd. Nguyen-Qui is no longer registered with an IIROC-regulated firm.