TORONTO, May 17, 2013 /CNW/ - Following a disciplinary hearing held on
April 9, 2013, in Toronto, Ont., a Hearing Panel of the Investment
Industry Regulatory Organization of Canada (IIROC), found that Shelley
Blanchard transferred funds out of a client's account, in furtherance
of a misappropriation, without the client's knowledge or consent.
The Hearing Panel's decision dated April 10, 2013 and released on May 6,
2013, is available at:
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.
Specifically, the Hearing Panel found that Ms. Blanchard committed the
In or about July 2008, Ms. Blanchard, in furtherance of a
misappropriation, transferred funds out of a client's account, without
the client's knowledge or consent, contrary to IIROC Dealer Member Rule
The Hearing Panel imposed the following penalty on Ms. Blanchard:
A permanent prohibition from conducting securities related business in
any capacity while in the employ of or associated with any IIROC
Ms. Blanchard is also required to pay costs in the amount of $5,000.
IIROC formally initiated the investigation into Ms. Blanchard's conduct
in June 2011. The alleged violation occurred when Ms. Blanchard was a
registrant at CIBC Investor Services Inc., an IIROC-regulated firm. Ms.
Blanchard is no longer a registrant with an IIROC-regulated firm.
* * *
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:
Acting Vice President, Enforcement
Senior Media and Public Affairs Specialist