TORONTO, May 3, 2013 /CNW/ - An appearance has been scheduled before a
Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC), for the purpose of setting a date for the disciplinary
hearing in the matter of Rajiv Puri.
The discipline hearing concerns allegations that Mr. Puri was registered
in the United States without disclosing those registrations to his
Member Firm and that he opened accounts for clients in connection with
the purchase of an Over-the-Counter Bulletin Board stock, without
conducting adequate due diligence into the opening of the accounts.
The set date appearance is open to the public, unless the Hearing Panel
orders otherwise. The date for the discipline hearing 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.
Set Date Appearance:
Wednesday May 15, 2013 at 10:00 a.m.
British Columbia Room, IIROC office
121 King St. W., Suite 2000
Specifically, the allegations are that:
From September 2008 to January 2012, while an IIROC registrant, Mr. Puri
was registered in the United States with three Financial Industry
Regulatory Authority member firms, without disclosing those
registrations to his IIROC Member Firm, thereby engaging in conduct
unbecoming or detrimental to the public interest, contrary to IIROC
Dealer Member Rule 29.1; and
On or about February to July 2011, Mr. Puri opened accounts for six
clients in connection with the purchase of MobileBits Holdings Corp.,
an Over-the-Counter Bulletin Board stock, without conducting adequate
due diligence into the opening of the accounts, contrary to IIROC
Dealer Member Rules 29.1 and/or 1300.1(a).
IIROC formally initiated the investigation into Mr. Puri's conduct in
November 2011. The alleged violations occurred when he was a
Registered Representative with PWM Capital, an IIROC-regulated firm.
Mr. Puri is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=38BBD0E9B4414C18859299F82F4E8D92&Language=en.
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:
Acting VP, Enforcement
Senior Media and Public Affairs Specialist