A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has dismissed IIROC’s allegations against Christos Orestos Ilias.

The panel found that Ilias did not fail to advise clients of certain deferred sales charges which applied to mutual fund investments he had recommended.

As described in a news release dated February 3, 2011, IIROC staff had previously alleged that Ilias had engaged in conduct unbecoming and detrimental to the public interest, contrary to IIROC Rule 29.1, by recommending mutual fund investments to his clients but failing to advise them that they would have to pay an early redemption fee if they decided to sell before a particular date.

The panel found that these allegations were unproven. The Decision and Reasons dated June 2, 2011, stated “The panel accepts the evidence of Mr. Ilias that he … fully explained the various methods of payment of fees to the clients …”

Ilias is a registered representative with the Carlisle, Ontario branch of Edward Jones, an IIROC-regulated firm.