IIROC announces set date hearing for John Skelton

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 John Skelton.

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.

Hearing Date:  November 30, 2011 at 10:00 am
Location:  

Reportex Agencies Ltd.
925 West Georgia Street, Suite 1010
Vancouver, BC

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
http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=23D966328BCA4C01AF675F55F3C2E27F&Language=en

* * *

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:

Warren Funt
Vice President, Western Canada
604 331-4750
wfunt@iiroc.ca
          Elsa Renzella
Director, Enforcement Litigation
416.943.5877
erenzella@iiroc.ca


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