TORONTO, July 25, 2013 /CNW/ - Following a disciplinary hearing held on
May 21, 2013, in Toronto, Ontario, a Hearing Panel of the Investment
Industry Regulatory Organization of Canada (IIROC) found that Pirkko
Ann Ramsay was liable for conduct unbecoming by borrowing money from
clients and misappropriating funds from clients. Ms. Ramsay was also
liable for failing to cooperate with an IIROC investigation.
The Hearing Panel's decision dated July 16, 2013, is available at:
Specifically, the Hearing Panel found that Ms. Ramsay committed the
In June 2009 and March 2010, Ms. Ramsay engaged in personal financial
dealings by borrowing funds from two clients, without the knowledge,
consent or authorization of her employer Member firm, and in so doing
acted contrary to Dealer Member Rule 29.1;
In 2009 and 2010, Ms. Ramsay misappropriated funds from two clients, and
in so doing, acted contrary to Dealer Member Rule 29.1; and
In April 2012, Ms. Ramsay, while a former registrant of IIROC, failed to
co-operate with an IIROC investigation by refusing to give information
about her conduct, contrary to Dealer Member Rule 19.5.
The Hearing Panel imposed the following penalties on Ms. Ramsay:
A permanent ban on approval with IIROC; and
A fine in the amount of $200,000.
Ms. Ramsay is also required to pay costs in the amount of $36,000.
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.
IIROC formally initiated the investigation into Ms. Ramsay's conduct in
October 2011. The violations occurred when she was a Registered
Representative with the Thunder Bay branch of CIBC Investor Services
Inc., an IIROC-regulated firm. Ms. Ramsay is no longer a registrant
with an IIROC-regulated firm.
* * *
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:
Senior Media and Public Affairs Specialist