ASC seeks to reciprocate IIROC order against David Bruce Connacher

CALGARY, Sept. 12, 2011 /CNW/ - The Alberta Securities Commission (ASC) is seeking to reciprocate orders imposed by the Investment Industry Regulatory Organization of Canada (IIROC) against David Bruce Connacher.

On May 10, 2011, IIROC barred Connacher for life from any form of registration in any capacity with a member firm or association. An IIROC panel issued the order after it found that Connacher conducted trades in his firm's account in a manner that was misleading and deceptive, and entered into several loan arrangements with two of his clients without the knowledge or consent of his employer.  The violations occurred between March 2008 and October 2008 when Connacher was the Head Trader and a Registered Representative with Evergreen Capital Partners Inc.

In its decision, IIROC found that Connacher "knowingly violated critical rules of his employer and his industry. He created a staggering loss to his employer of $33 million which resulted in its bankruptcy. He borrowed large sums from clients and never repaid them. His conduct was tantamount to fraud."  Evergreen Capital Partners ceased operations on October 29, 2008, and filed an Assignment in Bankruptcy in December 2008.

The ASC seeks reciprocation of the IIROC order to protect Alberta investors and the Alberta capital market.

It is anticipated that an ASC panel will consider this application in October 2011.

A copy of the Notice of Hearing is available on the ASC website at www.albertasecurities.com.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission

For further information:

For Media Inquiries: 

  Mark Dickey
Senior Communications Advisor
403-297-4481
     
For Investor Inquiries: 
  ASC Public Inquiries
Toll Free 1-877-355-4488

 


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