CALGARY, April 10, 2014 /CNW/ - Following a penalty hearing held on December 5 and 6, 2013, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following penalties on Ravindra Suppal:
1) A global fine of $150,000 in respect of all charges, inclusive of disgorgement of commissions earned in the amount of $137,000, payable upon such terms as IIROC may permit;
2) A one-year suspension from registration with IIROC, provided that Mr. Suppal shall not thereafter be registered until successfully re-writing the Conduct and Practices Examination;
3) A three-year period of close supervision upon becoming registered and returning to the industry following the expiration of the period of suspension, and during such three-year period, Mr. Suppal shall not hold the position of branch manager or compliance manager with any Member Firm; and
4) Mr. Suppal shall pay costs in the amount of $20,000 to IIROC upon such terms as IIROC may permit.
The penalty decision can be found at:
In an earlier decision dated June 10, 2013, the Hearing Panel found that Mr. Suppal acted contrary to IIROC Rules 1300.1(a), 1300.1(q), and 29.1. Mr. Suppal was found to have failed in his "know your client" obligations, failed to ensure that recommendations were suitable for his clients, and made unauthorized trades.
The decision on Liability can be found at:
Both decisions of the IIROC Hearing Panel have been appealed to the Manitoba Securities Commission. The implementation of the penalties has been stayed by the Manitoba Securities Commission pending the outcome of the appeals.
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. Suppal's conduct in September 2010. The violations occurred while he was a Registered Representative, and later a Branch Manager, with the Winnipeg branch of First Financial Securities Inc., an IIROC-regulated firm. Mr. Suppal is a Registered Representative and Supervisor with Portfolio Strategies Securities Inc.
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, firstname.lastname@example.org; Media Contact: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, email@example.com