IIROC announces disciplinary hearing for Christos Orestes Ilias

TORONTO, Feb. 3 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has scheduled a hearing to consider evidence and submissions in the matter of Christos Orestes Ilias.

The hearing concerns allegations that Mr. Ilias failed to fully advise a client about the fees associated with an investment he was recommending.

Hearing Date:  10:00 am, April 19 and 20, 2011
Location:   
JPR Meeting Rooms, 390 Bay Street, 3rd Floor
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.

In particular, it is alleged that Mr. Ilias engaged in conduct unbecoming and detrimental to the public interest, contrary to IIROC Rule 29.1, by recommending a mutual fund investment to his clients, a married couple with a joint account, but failing to advise them that they would have to pay an early redemption fee if they decided to sell before a particular date.

The alleged violations occurred in or about July 2007, while Mr. Ilias was a Registered Representative with the Carlisle, Ontario branch of Edward Jones, an IIROC-regulated firm. IIROC began its formal investigation into Mr. Ilias' conduct in August 2008. He is currently employed at the Carlisle branch of Edward Jones.

* * *

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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