On March 6, 2017, an IIROC hearing panel fined and suspended Sasha Jacob.

Jacob admitted he failed to supervise the activities and individuals at his then member firm, Jacob Securities Inc.

Specifically, Jacob admitted to the following violation:

From November 2013 to December 2015, as ultimate designated person (UDP) at Jacob Securities Inc., he failed to supervise the activities of the firm and of individuals acting on its behalf in order to ensure compliance with IIROC rules, and he failed to promote compliance with IIROC rules by the firm and those acting on its behalf, contrary to IIROC rules 38 and 2500.

In particular, Jacob failed to supervise in relation to:

  • the identification and rectification of conflicts of interest,
  • retail and institutional account trading and
  • timely registrations filings.

Jacob Securities was suspended from IIROC membership on December 17, 2015.

Pursuant to the settlement agreement, Jacob agreed to the following penalties:

  • a global fine of $100,000 and
  • a suspension from acting as UDP for three years.

Jacob also agreed to pay costs of $10,000.

Read the full settlement agreement here.