Enforcement Notice - IN THE MATTER OF Sunday Bamidele Opaleke - Discipline Hearing
CALGARY, May 29, 2014 /CNW/ - A hearing was originally scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Sunday Bamidele Opaleke on June 3 – 5, 2014. The hearing was adjourned to October 6 – 9, 2014.
The hearing concerns allegations stemming from Mr. Opaleke's handling of the accounts of four of his clients. They involve discretionary trades, unauthorized trades, unsuitable recommendations, failure to know his clients, and offering to personally guarantee results through undisclosed compensation to one client.
The hearing is open to the public, unless the Hearing Panel orders otherwise. The decision of the Hearing Panel will be made available at www.iiroc.ca.
Documents related to ongoing IIROC enforcement proceedings – including Reasons and Decisions of Hearing Panels – are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.
October 6 - 9, 2014, at 10:00 a.m.
Delta Winnipeg – Colbourne Room
350 St. Mary Avenue
Specifically, the allegations are that:
- Between approximately 2006 and 2012, Mr. Opaleke failed to use due diligence to learn and remain informed of the essential facts relative to three clients, contrary to IIROC Rule 1300.1(a) [IDA Regulation 1300.1(a) prior to June 1, 2008];
- Between approximately 2007 and 2012, Mr. Opaleke made investment recommendations that were not suitable for three clients, contrary to IIROC Rule 1300.1(q) [IDA Regulation 1300.1(a) prior to June 1, 2008];
- Between approximately 2006 and 2011, Mr. Opaleke made discretionary trades in the accounts of three clients without first having the accounts approved and accepted as discretionary accounts, contrary to IIROC Dealer Member Rules 1300.4 and 1300.5 [IDA Regulation 1300.4 and 1300.5 prior to June 1, 2008];
- Between approximately 2007 and 2012, Mr. Opaleke engaged in unauthorized trading with respect to one client and thereby engaged in conduct unbecoming or detrimental to the public interest contrary to IIROC Dealer Member Rule 29.1 [IDA By-Law 29.1 prior to June 1, 2008]; and
- In or about July 2011, Mr. Opaleke offered to personally guarantee results through undisclosed compensation to one client, contrary to IIROC Dealer Member Rule 29.1.
IIROC formally initiated the investigation into Mr. Opaleke's conduct in March 2012. The alleged violations occurred when he was a Registered Representative with the Winnipeg branch of Edward Jones, an IIROC-regulated firm. Mr. Opaleke is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at: http://www.iiroc.ca/Documents/2014/9d91811d-9dd8-4d0b-9680-ffd4b044e732_en.pdf
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IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.
IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.
IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1 877 442-4322.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General NewsFor further information: Enforcement Contact: Warren Funt, Vice President, Western Canada, 604 331-4750, firstname.lastname@example.org; Media Contact: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, email@example.com