TORONTO, Feb. 28 /CNW/ - A Hearing Panel of the Investment Industry
Regulatory Organization of Canada (IIROC) has accepted a Settlement
Agreement, with sanctions, between IIROC staff and Gary John
In this agreement, Mr. Williamson entered orders to purchase securities with the
intention of establishing an artificial bid price, thereby improving
the performance of an inventory account for which he was responsible.
Mr. Williamson agrees to a $40,000 fine and to pay $5,000 in costs. The
penalty also includes a six-month suspension from access to an
Specifically, Mr. Williamson admits he entered numerous late bid orders
on the TSX Venture Exchange. The closing bid orders improved the daily
profit and loss position of his inventory account, which factored into
the calculation of his monthly compensation. Mr. Williamson knew or
ought reasonably to have known that his late-day orders would create an
artificial bid price, contrary to UMIR 2.2(2)(b) and UMIR Policy 2.2, for which he is liable under UMIR 10.4(1).
IIROC began its formal investigation into Mr. Williamson's conduct in
November 2008. The violations occurred between January 1, 2008 and
February 29, 2008 while he was a Trader with Global Maxfin Capital
Inc., an IIROC-regulated firm. Mr. Williamson is no longer registered
with 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
For further information: