MONTRÉAL, Feb. 15, 2012 /CNW/ - An appearance has been scheduled before
a Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC), for the purpose of setting a date for a disciplinary
hearing in the matter of Roger Michael Biduk.
The discipline hearing concerns allegations that Mr. Biduk incorrectly
defined the investment objectives and risk tolerance of some of his
clients, most of whom were retired or close to retirement. He also
recommended aggressive and speculative investment strategies which were
inconsistent with his clients' personal and financial circumstances,
and resulted in significant losses for these clients.
The set date appearance is open to the public, unless the panel orders
otherwise. The date for the discipline hearing 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.
Set Date Appearance:
February 28, 2012 at 10:00am
IIROC Board Room, 5 Place Ville Marie
Suite 1550, Montréal
Specifically, the allegations are that:
Between February 2006 and May 2008, Mr. Biduk failed to know several of
his clients, and to define their investment objectives and risk
tolerance according to the personal and financial circumstances of each
client, contrary to IDA Regulation 1300.1 (a) (IIROC Rule 1300.1 (o)); and
Between February 2006 and May 2008, the Respondent failed to exercise
due diligence by recommending to several of his clients a high-risk
trading strategy that was inappropriate to his clients' personal and
financial circumstances, contrary to IDA Regulation 1300.1 (q) (IIROC Rule 1300.1 (p)).
IIROC formally initiated the investigation into Mr. Biduk's conduct in
September 2008. The alleged violations occurred when he was a
Registered Representative with the Hudson branch of Union Securities
Ltd., an IIROC-regulated firm. Mr. Biduk is no longer a registrant
with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at
* * *
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
For further information:
Vice President, Quebec
Director, Public Affairs