IIROC announces set date hearing for Peter Michael Deeb

TORONTO, Sept. 1, 2011 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) to set a date in the matter of Peter Michael Deeb.

The proposed discipline hearing concerns allegations that Mr. Deeb co-mingled client and pro orders, allocating the trades only when the price of securities was known, which permitted him to profit at the expense of his clients and was in violation of client priority.  It is also alleged that he failed to maintain a proper system of books and records, engaged in free riding and failed to provide access to regulatory staff to certain books and records.

The set date hearing is open to the public, unless the panel orders otherwise. The date for the discipline hearing will be made available at www.iiroc.ca.

Set Date Hearing:              September 20, 2011, 10:00 am
             
Location:    

          JPR Meeting Rooms
390 Bay Street, 3th Floor, Hearing Room C
Toronto, ON

Specifically, the allegations are that:

Count 1

On or about October 28 and 29, 2009, Mr. Deeb commingled client and pro orders, allocated trades after the close of business when the price of securities was known and, in so doing: (a) profited at the expense of his clients and (b) failed to ensure client priority, thereby engaging in conduct unbecoming, contrary to IIROC Dealer Member Rule 29.1.

Count 2

From about November 12, 2008 to December 11, 2009, Mr. Deeb failed to keep and maintain at all times a proper system of books and records, contrary to IIROC Dealer Member Rule 17.2, Dealer Member Rule 200 and National Instrument 31-103 which thereby permitted him to engage in the type of conduct described in Count 1.

Count 3

Between February 1, 2009 and April 30, 2009, and again between December 2009 and May 2010, Mr. Deeb engaged in the practice commonly known as "free-riding" in that securities were purchased without sufficient cash in the relevant accounts and no attempt was made to properly settle the securities transactions, and thereby engaged in conduct unbecoming, contrary to IIROC Dealer Member Rule 29.1.

Count 4

In or about July 2011, Mr. Deeb refused to provide access to certain books and records maintained by Hampton Securities Limited despite a request by IIROC staff, and thereby violated IIROC Dealer Member Rule 19.6.

IIROC began investigating into Mr. Deeb's conduct in December 2009. The allegations occurred when he was a Registered Representative and the Ultimate Designated Person (UDP) at Hampton Securities Limited, an IIROC-regulated firm. He is currently registered with Hampton Securities.

* * *

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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