IIROC announces disciplinary hearing for Brian Vaughn Wilson

TORONTO, June 23, 2011 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has scheduled a disciplinary hearing for Brian Vaughn Wilson.

The disciplinary hearing concerns allegations that Mr. Wilson failed to use due diligence to ensure that recommendations were suitable for his client and failed to advise her that monthly withdrawals from her account could not be sustained by the return on investment, resulting in substantial depletion of the account. It is further alleged that the trading in the client's account was unauthorized.

Hearing Date:     July 26, 2011 at 10 am
Location:   

  JPR Meeting Rooms
390 Bay Street, 3rd Floor, Hearing Room C
Toronto, ON

The hearing is open to the public, unless the panel orders otherwise. The panel's decision will be made available at www.iiroc.ca.

Specifically, the allegations are that Mr. Wilson:

(i)      failed to use due diligence to ensure that recommendations were suitable for his client,  contrary to IDA Regulation 1300.1 (q) and IIROC Rule 1300.1 (q); and
(ii)      engaged in unauthorized trading in the account of his client, contrary to IDA By-law 29.1 and IIROC Rule 29.1.

The alleged violations occurred from about February 2006 to May 2009, while Mr. Wilson was a Registered Representative with the Ottawa branch of BMO Nesbitt Burns, an IIROC-regulated firm. IIROC began its investigation into Mr. Wilson's conduct in November 2009.  He is no longer a registrant with an IIROC-regulated firm.

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

For further information:

Jeff Kehoe
Vice President, Enforcement
416.943.6996
jkehoe@iiroc.ca
  Elsa Renzella
Director, Enforcement Litigation
416.943.5877
erenzella@iiroc.ca


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