MONTRÉAL, Dec. 14 /CNW/ - A Hearing Panel of the Investment Industry
Regulatory Organization of Canada (IIROC) has scheduled a hearing to
determine the appropriate penalty in the matter of Patrick David
9:30 am, February 3, 2011
5 Place Ville Marie, Suite 1550, Montreal, QC
The penalty hearing is open to the public, unless the Hearing Panel
orders otherwise. The panel's decision on the penalty will be made
available at www.iiroc.ca.
In its November 11, 2010 decision,the panel found that Mr. O'Neill had engaged in conduct unbecoming and detrimental to the
public interest, contrary to IIROC Rule 29.1 by misleading clients and his firm with false and forged documents in
several instances, and by misappropriating client funds in excess of
$200,000. The panel also found that Mr. O'Neill failed to cooperate in
the IIROC investigation by failing to meet requests to appear and to
provide information, a violation of IIROC Rule 19.5. The decision was announced in a December 1, 2010 news release.
The violations took place when Mr. O'Neill was a Registered
Representative at the Pointe-Claire Branch of Dundee Securities
Corporation, an IIROC-regulated firm. IIROC began its formal
investigation into Mr. O'Neill's conduct on April 6, 2009, after the
firm terminated Mr. O'Neill and reported numerous client complaints to
IIROC. Mr. O'Neill is not currently registered with an IIROC-regulated
* * *
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 and permanent bans or
terminations 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.
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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
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