CALGARY, Feb. 16 /CNW/ - A Hearing Panel of the Investment Industry
Regulatory Organization of Canada (IIROC) has scheduled a disciplinary
hearing for Mary Louise Kasten-Brown.
The hearing concerns allegations that Ms. Kasten-Brown failed to fulfill her know-your-client and
suitability obligations when she purchased shares in a privately-held
company for eight clients without properly understanding the clients'
investment profiles or if the investment was suitable for the clients.
The hearing is open to the public, unless the panel orders otherwise.
The panel's decision will be made available at www.iiroc.ca.
10:00 a.m. March 2 and 3, 2011
Calgary TELUS Convention Centre
120-9th Avenue South East
TELUS 104 Room
Specifically, the allegations are that Ms. Kasten-Brown:
failed to use due diligence to learn and remain informed of the
essential facts relative to every customer and to every order or
account accepted, contrary to IIROC Rule 1300.1(a); and
failed to use due diligence to ensure that the acceptance of any order
from a customer is suitable for such customer, contrary to IIROC Rule 1300.1(p).
IIROC began investigating Ms. Kasten-Brown's conduct on February 25,
2008, after receiving a referral from the Alberta Securities Commission
about a client complaint. The alleged violations occurred between
January 2005 and March 2006 while she was a Registered Representative
with Octagon Capital Corporation, an IIROC-regulated firm. She is
currently employed at Global Maxfin Capital Inc., formerly Octagon
Capital Corporation, 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
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