A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, with sanctions, between IIROC staff and Weng Lok Toh.
With the agreement, Toh admits that he engaged in personal financial dealings with clients without disclosing the dealings to his firm.
The penalty against Toh includes a $20,000 fine and a two-year prohibition from registration with an IIROC-regulated firm. As a condition of re-approval in any capacity, he must successfully complete the Conduct and Practices Handbook examination, and he must be subject to one year’s strict supervision by his employer, with reports to be filed by his firm with IIROC. He must also pay $5,000 in costs.
The hearing panel’s decision and its reasons for accepting the agreement will be made available at www.iiroc.ca.
Specifically, Toh admits that he received through his wife but for his own benefit approximately $122,275 from two clients, without disclosing these financial dealings to his firm, which is conduct unbecoming or detrimental to the public interest, contrary to IIROC Rule 29.1.
The violations occurred in or about May 2008, when Toh was a registered representative with the Calgary branch of Blackmont Capital Inc., now Macquarie Private Wealth Inc., an IIROC-regulated firm. IIROC began its investigation into Toh’s conduct in April 2009. Toh is no longer a registrant with an IIROC-regulated firm.