Enforcement Notice - Decision - IN THE MATTER OF Brian Douglas Bergen and Leede Financial Markets Inc. - Settlement Accepted

CALGARY, Sept. 8, 2015 /CNW/ - On August 24, 2015, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Brian Douglas Bergen and Leede Financial Markets Inc. ("Leede").

Mr. Bergen and Leede admitted that they failed to effectively exercise supervisory responsibilities over Registered Representative Grant Matthews.  In addition, Mr. Bergen admitted that he failed to report a client complaint.

Specifically, Brian Douglas Bergen and Leede admitted to the following violations:

Brian Douglas Bergen

  1. Between approximately December 2008 and May 2012, while the Branch Manager at Leede Financial Markets Inc., Mr. Bergen failed to properly supervise Registered Representative Grant Patrick Matthews, contrary to IIROC Rules
    38.4 (a) and 2500; and
  2. Between approximately July and August 2010, Mr. Bergen failed to report a client complaint with respect to  a client, contrary to IIROC Rules 3100(I) and 29.1;

Leede Financial Markets Inc.

  1. Between approximately December 2008 and May 2012, Leede, through the actions of its designated Tier 2 compliance officer, failed to properly supervise Registered Representative Grant Patrick Matthews, contrary to IIROC Rules 38.1, 38.4, 1300.2 and 2500.

Pursuant to the Settlement Agreement, Brian Douglas Bergen and Leede agreed to the following penalties:

Brian Douglas Bergen

a. Payment of a fine in the amount of $50,000;

b. Prohibition from acting in a supervisory capacity for one year;

c. Successful rewrite of the Branch Manager's Course, in the event of a return to a supervisory role; and

d. Payment of costs in the amount of $2,500.

Leede Financial Markets Inc.

a. Payment of a fine in the amount of $90,000; and

b. Payment of costs in the amount of $10,000.

The Settlement Agreement is available at:
http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=E6F96AE64F92461AAE6870B2958B8BAF&Language=en.

The Hearing Panel's decision 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. Bergen and Leede Financial Market Inc.'s conduct in July 2013.  The conduct occurred while Mr. Bergen was a Branch Manager with the Calgary branch of Leede Financial Markets Inc., an IIROC-regulated firm.  Mr. Bergen is still a Registered Representative at the Calgary branch of Leede Financial Markets Inc.

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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: Enforcement Contact: Warren Funt, Vice President, Western Canada, 604 331-4750, wfunt@iiroc.ca; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, karcher@iiroc.ca

RELATED LINKS
http://www.iiroc.ca

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