Following an expedited hearing held on January 7, 2013, in Toronto, a hearing panel of the Investment Industry Regulatory Organization of Canada granted the orders sought by IIROC staff against Glenn Allan Prior.

The order granted was based upon certain forgeries and the related criminal conviction against Prior. In particular, IIROC says he forged both his siblings’ signatures on guarantees for his personal investment account.

In doing so, it adds, he made their capital available to backstop his trading. And unbeknownst to them, IIROC says he incurred significant trading losses of over $700,000, which would have exhausted nearly all of their capital had the guarantees been enforced.

Ultimately, Prior’s dealer, RBC Dominion Securities, declined to enforce the guarantees, says IIROC, and decided to take on his trading debt. As such, Prior’s forgeries resulted in a significant fraud on RBC DS.

At the hearing, IIROC staff sought orders providing that Prior’s rights and privileges of approval for registration in any capacity or category with IIROC are permanently terminated.

He must also pay $25,000 for investigation and hearing costs. The panel made an order granting all of the requested relief.

Read the hearing panel’s order, dated January 7, 2013.