Enforcement Notice Decision - IN THE MATTER OF Jack Jason Trueman - Settlement Accepted

TORONTO, Aug. 15, 2016 /CNW/ - On July 22, 2016, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Jack Jason Trueman.

Mr. Trueman admitted that he engaged in Outside Business Activities without approval and accepted remuneration from persons other than his Dealer Member firm for securities-related activities.

Specifically, Mr. Trueman admitted to the following violations:


Between January 2014 and February 2015, Mr. Trueman engaged in outside business activities, without disclosure to or approval from his Dealer Member firm, contrary to Dealer Member Rule 18.14; and


Mr. Trueman accepted remuneration from persons other than his Dealer Member firm in regards to securities-related activities that he performed for those persons in 2014, contrary to IIROC Dealer Member Rule 18.15.

Pursuant to the Settlement Agreement, Mr. Trueman agreed to the following penalty:


A global fine of $25,000; and


Mr. Trueman must successfully complete the Chief Compliance Officer's Qualifying Examination by January 31, 2017.

Mr. Trueman also agreed to pay costs in the amount of $2,500.

The Settlement Agreement is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=6EC6D4143BDB482F9091296115D0BD70&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. Trueman's conduct in April 2015.  The conduct occurred while he was a Portfolio Manager with the Kingston branch of Cumberland Wealth Management Inc., an IIROC-regulated firm.  Mr. Trueman continues to be registered as a Portfolio Manager at that firm.

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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: Elsa Renzella, Vice-President, Enforcement, 416 943-5877, erenzella@iiroc.ca; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, karcher@iiroc.ca


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