TORONTO, April 15 /CNW/ - A Hearing Panel of the Investment Industry
Regulatory Organization of Canada (IIROC) has found that Bryan Dale
Claggett violated an IIROC rule when, without his firm's knowledge, he
attempted to settle a client complaint by paying the client money.
In its decision dated April 4, 2011, the panel dismissed a second charge which alleged
that Mr. Claggett had conducted discretionary trades in client accounts
without the written authorization of the respective clients.
The panel has ordered both IIROC and Mr. Claggett to provide written
submissions on the appropriate penalty. Once the Hearing Panel
determines the penalty, its decision will be made available at www.iiroc.ca.
Specifically, the panel found that Mr. Claggett engaged in conduct
unbecoming and detrimental to the public interest, contrary to IIROC Rule 29.1, when he paid $14,000 to a client to resolve that client's complaint,
without the prior knowledge or consent of his firm.
The violation occurred on or about February 9, 2006, while Mr. Claggett
was a Registered Representative at the Vancouver branch of BMO Nesbitt
Burns, an IIROC-regulated firm. He is currently employed at the
Vancouver office of Canaccord Genuity Corp., an IIROC-regulated firm.
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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 and permanent bans or
terminations 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.
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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
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