Enforcement Notice Decision - IN THE MATTER OF Matteo Marricco - Settlement Accepted

MONTRÉAL, Jan. 30, 2017 /CNW/ - On December 12, 2016, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Matteo Marricco.

Mr. Marricco admitted to having executed discretionary trades in the accounts of three clients, making investment recommendations that were not suitable for a client, as well as failing to use due diligence to learn and remain informed of the essential facts relative to a client.

Specifically, Mr. Marricco admitted to the following violations:

a)

Between February 2006 and March 2013, Mr. Marricco engaged in discretionary trading in the accounts of three clients, without these accounts having been previously approved and accepted as discretionary accounts, contrary to IIROC Dealer Member Rule 1300.4 and 1300.5 (IDA Regulation 1300.4 and 1300.5, prior to June 1, 2008);

b)

Between February 2006 and December 2012, Mr. Marricco made investment recommendations that were not suitable for a client, contrary to IIROC Dealer Member Rule 1300.1(q) (IDA Regulation 1300.1(q), prior to June 1, 2008); and

c)

Between February 2006 and December 2012, Mr. Marricco failed to use due diligence to learn and remain informed of the essential facts relative to a client, contrary to IIROC Dealer Member Rule 1300.1(a) (IDA Regulation 1300.1(a), prior to June 1, 2008).

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

a)

A fine in the amount of $45,000, which includes the net commissions earned by
Mr. Marricco following trades executed in one of his client's account.

Mr. Marricco also agreed to pay costs in the amount of $5,000.

The Settlement Agreement is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=6C00D4C1A4E54CFB94D65803ADC915C8&Language=en

The Hearing Panel's decision dated January 10, 2017, is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=0C617A6695754879880F2693D3BBA0A6&Language=en

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. Marricco's conduct in July 2013. The conduct occurred while he was a Registered Representative with the Saint-Laurent branch of CIBC World Markets Inc., an IIROC-regulated firm. Mr. Marricco is still employed as a Registered Representative with CIBC World Markets Inc.

*  *  *

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

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/January2017/30/c1282.html

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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