Following a penalty hearing held on November 27, 2012, a hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC), imposed fines on Marco Myatovic and Doreen Lowe.
The panel found that the two had failed in their roles as gatekeepers by facilitating manipulative or suspicious trading activity in several client accounts, thereby engaging in conduct unbecoming.
Following penalties were imposed:
(a) For Myatovic, a fine of $500,000 and a permanent ban from registration in any capacity
b) For Lowe, a fine of $100,000 and a three-year ban from registration in any capacity. Upon any return to the industry, she must also complete the CPH course, and be subject to one year of strict supervision followed by one year of close supervision.
Read the penalty decision.
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