A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, with sanctions, between IIROC staff and Gary John Williamson. In this agreement, Mr. Williamson entered orders to purchase securities with the intention of establishing an artificial bid price, thereby improving the performance of an inventory account for which […]
The Investment Industry Regulatory Organization of Canada (IIROC) has published for comment proposed amendments to the Universal Market Integrity Rules concerning the regulation of short sales and failed trades. The proposed amendments would repeal the restrictions on the price at which a short sale may be made on Canadian equity marketplaces. IIROC has also released […]
A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, with sanctions, between IIROC staff and Richard Roy. In the agreement, Mr. Roy admits that he failed in his know-your-client obligations and that he inappropriately followed trading instructions from an unauthorized third party. Mr. Roy has agreed to […]
A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has imposed a $10,000 fine on Dale Richard Wells. The panel has also ordered Mr. Wells to pay $13,000 in costs. The panel’s penalty decision follows its earlier decision dated October 27, 2010, which found that Mr. Wells violated IIROC rules by engaging […]
You gotta be kidding! Those four words broadly sum up the financial industry’s response to the new IIROC rules notice about the use of social media. Meeting IIROC’s extended hand with a clenched fist, industry participants wasted no time in dismissing the notice as IIROC trying to look trendy rather than showing any real understanding […]
A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a Settlement Agreement, with sanctions, between IIROC staff and National Bank Direct Brokerage Inc. (NBDB). With this agreement, NBDB admits it failed in its duty to provide supervision and maintain adequate internal controls regarding one of its registered employees. The firm […]
A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has imposed penalties against Jory Capital Inc. and Patrick Cooney, Jory’s Chief Executive Officer, President and sole director. In a penalty hearing held on January 18, 2011, the hearing panel issued Mr. Cooney a $100,000 fine and a permanent ban from registration in […]
A hearing panel of the Investment Industry Regulatory Organization of Canada has found that James Charles Dennis entered into a business referral arrangement with another industry participant for which he received compensation and about which he failed to inform his firm. The panel announced its findings in a decision dated January 21, 2011. The panel […]
A hearing panel of the Investment Industry Regulatory Organization of Canada (IIROC) has found that Savitri Shamseer violated IIROC Rules by making discretionary trades in a client account that was not a discretionary account. In its decision dated January 24, 2011, the panel also imposed a penalty calling for Ms. Shamseer to: Be subject to […]
Christos Orestes Ilias will face allegations that he failed to fully advise a client about the fees associated with an investment at an IIROC hearing on April 19th.