IIROC announces disciplinary hearing for David Berry

TORONTO, Sept. 20, 2011 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has scheduled a disciplinary hearing for David Berry.

The hearing concerns allegations that Mr. Berry solicited client orders in new issue securities prior to the date when they began trading on the Toronto Stock Exchange (TSX), and conducted trades that were not entered on a marketplace or exchange, resulting in a lack of transparency to the marketplace.

Hearing Date:  April 10-23, 2012 at 10:00 a.m.
   
Location: JPR Meeting Rooms
  390 Bay Street, 3rd floor, Hearing Room C
  Toronto, ON

Specifically, it is alleged that Mr. Berry:

  • Solicited client orders for new issue securities during the distribution period, thus causing his firm, Scotia Capital Inc., to violate Part 7.7(5) (pre-May 2005 version) of the Universal Market Integrity Rules (UMIR) on 11 occasions; and
  • Conducted trades that were not entered on a marketplace or recognized exchange, violating UMIR 6.4 on 10 occasions.

The alleged UMIR violations occurred between June 2004 and April 2005, when Mr. Berry was a Registered Representative with Scotia Capital Inc., an IIROC-regulated firm. IIROC began its formal investigation into Mr. Berry's conduct in June 2005. He is no longer registered 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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