VANCOUVER, Nov. 15, 2011 /CNW/ - A hearing has been scheduled before a
Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC) for the purpose of setting the date in the matter of
The proposed discipline hearing concerns allegations that between 2003
and 2008 Mr. Skelton effected discretionary trades of higher risk gold
and other precious metal securities on behalf of his client's
investment account, without the account having been designated and
approved as a discretionary account. It is further alleged that these
transactions were not suitable because of the client's financial
circumstances and they did not conform to the client's stated
investment objectives and/or risk tolerance.
The set date hearing is open to the public, unless the Hearing Panel
orders otherwise. The date for the discipline hearing will be made
available at www.iiroc.ca.
November 30, 2011 at 10:00 am
Reportex Agencies Ltd.
925 West Georgia Street, Suite 1010
Specifically, the allegations are that:
between July 2003 and December 2008, Mr. Skelton failed to use due
diligence to ensure that orders he placed for the account of his client
BT were suitable for BT, contrary to IDA Regulation 1300.1(p) and IIROC
Dealer Member Rule 1300.1(p); and
between September 2003 and December 2008, Mr. Skelton effected
discretionary trades on behalf of his client BT, without having BT's
prior written authorization, and without the account having been
designated and approved as a discretionary account by Raymond James,
contrary to IDA Regulations 1300.4 and 1300.5, and IIROC Dealer Member
Rules 1300.4. and 1300.5.
IIROC formally initiated the investigation into Mr. Skelton's conduct in
April 2009. The alleged violations occurred when he was a Registered
Representative with the Kelowna business location of Raymond James
Ltd., an IIROC regulated firm. Mr. Skelton is still currently a
Registered Representative with this firm.
The Notice of Hearing is available at
* * *
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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