TORONTO, May 19 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement between IIROC staff and Wayne White. Mr. White has admitted to conduct unbecoming or detrimental to the public interest and to receiving monetary benefits from a third party for his role in certain dealings without his employer's knowledge.
Sanctions against Mr. White agreed to as part of the May 1, 2010 settlement include that he:
a. Pay a fine of $97,000;
b. Be suspended from any registration with IIROC for 45 days;
c. Be subject to close supervision for a period of one year upon any
subsequent registration with IIROC; and
d. Successfully complete the Conduct and Practices Handbook examination
within six months of any subsequent registration with IIROC.
The agreement also stipulates that Mr. White pay $15,000 to cover a portion of IIROC staff's costs. The Reasons and Decision document will be made public after it is issued by the Panel at a later date.
In the agreement, Mr. White admitted to violations of IIROC Rules 29.1 and 18.15, in that he:
1. Participated in and facilitated his clients' participation in various
off-the-books private placements without the knowledge or consent of
2. Engaged in personal financial dealings with his clients when he
participated in a private placement distribution with a group of his
clients without the knowledge or consent of his employer;
3. Received monetary benefits from a third-party for his role in
furthering his and his clients' investments in various private
placements, without his employer's knowledge or consent.
IIROC began its investigation into Mr. White's conduct on September 19, 2005. The violations occurred in 2003 and 2004 when he was a Registered Representative Options (Retail) with the Toronto branch of HSBC Securities (Canada) Inc., an IIROC-regulated firm. Mr. White is currently registered as a Registered Representative Options (Retail) at the Toronto head office of Brant Securities Limited, 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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information: For further information: Jeff Kehoe, Acting Vice President, Enforcement, (416) 943-6996, firstname.lastname@example.org