TORONTO, June 1, 2011 /CNW/ - A Hearing Panel of the Investment Industry
Regulatory Organization of Canada (IIROC) will meet to set a date for a
disciplinary hearing for Brian Vaughn Wilson.
The proposed discipline hearing concerns allegations that Mr. Wilson failed to use due diligence to ensure that
recommendations were suitable for his client, and failed to advise his
client that he knew her substantial 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.
The set date hearing is open to the public, unless the panel orders
otherwise. The date for the discipline hearing will be made available
Set Date Hearing:
June 10, 2011 at 10 am
Boardroom # 1
121 King Street West, Suite 1600, Toronto, ON
Specifically, the allegations are that:
From or about February 2006 to May 2009, 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.
IIROC began the investigation into Mr. Wilson's conduct in November
2009. The alleged violations occurred when he was a Registered
Representative with the Ottawa branch of BMO Nesbitt Burns, an
IIROC-regulated firm. Mr. Wilson is no longer a registrant with an
* * *
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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