On November 9, 2012, a hearing panel of IIROC accepted a settlement agreement between IIROC staff and Stephen Moran.

Moran admitted that he engaged in business conduct unbecoming or detrimental to the public interest due to the fact that he borrowed a sum of $10,000 from a client without informing his employer and without obtaining the latter’s prior authorization.

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

a) A fine of $20,000, including an amount of $10,000 corresponding to the profit made;
b) A 12-month period of strict supervision following Mr. Moran’s reapproval;
c) Successful completion of the Conduct and Practices Handbook examination;

Moran also agreed to pay costs in the amount of $2,500.

Read the full settlement here.