A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a settlement agreement between the IIROC staff and William Geddes.

Geddes admitted between December 2007 and October 2008 he entered buy orders he ought reasonably to have known would create or could reasonably be expected to create an artificial sale price for the security, contrary to UMIR 2.2(2) and UMIR Policy 2.2, for which he is liable under UMIR 10.4.

Pursuant to the settlement agreement, Geddes agreed to the following penalty:

(a) a $30,000 fine;
(b) a 60-day suspension from registration commencing February 25, 2012; and
(c) successful completion of the Conduct and Practices Handbook Course by September 30, 2012.

Geddes also agreed to pay costs in the amount of $1,500.

Read the settlement agreement and the panel’s decision dated February 28, 2012.

IIROC formally initiated the investigation into Geddes’ conduct in November 2008. The allegations occurred when he was a registered representative with the Whistler business location of National Bank Financial Ltd., an IIROC-regulated firm. Geddes is currently a registered representative with the Whistler business location of National Bank Financial Ltd.