TORONTO, Dec. 5, 2013 /CNW/ - A hearing has been scheduled before a
Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC) in the matter of Afam Elue.
The hearing concerns allegations that Mr. Elue purchased mutual funds on
a deferred sales charge ("DSC") basis for his client's RESP account,
notwithstanding that the beneficiary of the account was nearly 16 years
old at the time and would need to access the funds within approximately
two years from the date of purchase.
It is further alleged that Mr. Elue failed to co-operate with an IIROC
investigation in that he declined to attend an investigative interview.
The hearing is open to the public, unless the 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.
Wednesday, December 18, 2013, at 10:00 a.m.
IIROC Office, British Columbia Room
121 King Street W., Suite 2000
Toronto, ON M5H 3T9
Specifically, the allegations are that:
Count 1: From or about September 2011 Mr. Elue failed to use due diligence to
ensure that recommendations were suitable for his client, contrary to
IIROC Dealer Member Rule 1300.1(q); and
Count 2: In October 2013 Mr. Elue failed to co-operate with IIROC in that he
failed to attend an IIROC interview, contrary to IIROC Rule 19.5.
IIROC formally initiated the investigation into Mr. Elue's conduct in
August 2012. The alleged violations occurred when he was a Registered
Representative with the Toronto branch of Edward Jones, an
IIROC-regulated firm. Mr. Elue is no longer a registrant with an
The Notice of Hearing which sets out the allegations is available at:
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 News
For further information:
Vice President, Enforcement
Senior Media and Public Affairs Specialist