TORONTO, Jan. 16, 2012 /CNW/ - A Hearing Panel of the Investment
Industry Regulatory Organization of Canada (IIROC) accepted a
Settlement Agreement between IIROC staff and Matthew Beechey.
In the Settlement Agreement, Mr. Beechey admitted to the following
Count 1: During 2005 and 2006, he did not exercise sufficient due
diligence to ensure that he fully understood the complexities and risks
of Global Credit Preferred Corp., contrary to IDA Regulation 1300.1(a)
(now IIROC Dealer Member Rule 1300.1(a));
Count 2: During 2005 and 2006, he did not exercise sufficient due
diligence to learn and remain informed of the essential facts relative
to three clients, contrary to IDA Regulation 1300.1 (a) (now IIROC
Dealer Member Rule 1300.1(a));
Count 3: During 2005 and 2006, he failed to make suitable investment
recommendations for six clients, contrary to IDA Regulation 1300.1(q)
(now IIROC Dealer Member Rule 1300.1(q)).
Pursuant to the Settlement Agreement, Mr. Beechey agreed to the
(a) a fine of $20,000 for count 1;
(b) a fine of $15,000 for count 2;
(c) a fine of $15,000 for count 3; and
(d) disgorgement of commissions in the amount of $1,399.88.
Mr. Beechey also agreed to pay costs in the amount of $3,000.
The Settlement Agreement is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=AEAEDA2D77A2448190C83827E511C715&Language=en. The panel's Decision and Reasons for acceptance of the agreement will
be made available at www.iiroc.ca. Documents related to ongoing IIROC enforcement proceedings - including
Reasons and Decisions of Hearing Panels - are posted on the IIROC
website as they become available. Click here to search and access all IIROC enforcement documents.
IIROC formally initiated the investigation into Mr. Beechey's conduct in
January 2008. The violations occurred when he was a Registered
Representative with the Waterloo branch of TD Waterhouse Canada Inc.,
an IIROC-regulated firm. Mr. Beechey is currently registered with the
Waterloo branch of CIBC World Markets Inc.
* * *
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.
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, permanent bars,
expulsion from membership, or termination of rights and privileges 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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
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