Enforcement Notice - Decision - IN THE MATTER OF Ali Reza Sultani - Discipline decision - Liability

MONTREAL, March 1, 2017 /CNW/ - Following a disciplinary hearing held on December 6, 2016, in Montréal, Québec, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Ali Reza Sultani has made, on at least four occasions, misrepresentations about the reasons and timing for the termination of his previous employment with CIBC Securities Inc. in order to be hired for a new position with RBC Direct Investing Inc., going so far as to falsify a document to this effect.

The Hearing Panel's decision dated February 7, 2017, is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=2236395EA72C481E91FC101EAC6BADBB&Language=en

Specifically, the Hearing Panel found that Mr. Sultani committed the following violations:  

a)

From April 2013 to February 2014, Mr. Sultani made misrepresentations to his employer, RBC Direct Investing Inc., about the reasons and timing for the termination of his previous employment with CIBC Securities Inc., contrary to IIROC Dealer Member Rule 29.1; and



b)

On or about January 21, 2014, Mr. Sultani falsified the physical copy of the Notice of Termination or Registered Individuals and Permitted Individuals (Form 33-109F1) given to him by CIBC Securities Inc., his previous employer, in order not to disclose to his new employer, RBC Direct Investing Inc., that he had been dismissed, contrary to IIROC Dealer Member Rule 29.1.

 

A separate hearing will be held to determine the penalty to be imposed on Mr. Sultani, the date of which 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. Sultani's conduct in May 2014. Mr. Sultani is no longer a registrant with an IIROC-regulated firm.

*  *  *

IIROC is the national self-regulatory organization which oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian 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: Enforcement Contact: Claudyne Bienvenu, Vice-President, Québec, 514 878-2854, cbienvenu@iiroc.ca; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, karcher@iiroc.ca

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