IIROC announces discipline, penalty against Marcel Anil Rada

VANCOUVER, May 2 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions that include a permanent ban on registration, between IIROC staff and Marcel Anil Rada.

In the agreement, Mr. Rada admitted he violated IIROC rules through his participation in various off-book transactions without the knowledge or consent of his firm, issued a personal cheque from a closed account and failed to cooperate with IIROC's investigation. The panel's decision and reasons will be made available at www.iiroc.ca.

Mr. Rada agreed to the following sanctions:

  • a permanent prohibition from registration in any capacity with an IIROC-regulated firm;
  • a fine in the amount of $75,000; and
  • costs in the amount of $10,000.

Specifically, Mr. Rada admitted that he contravened IIROC Rule 29.1 by:

  • soliciting monies for off-book investments in Ialta Industries Ltd. when in fact he was the primary beneficiary of those monies;
  • soliciting monies from an investor for an off-book transaction in Montrose Explorations Ltd. when in fact he was the primary beneficiary of that money and he failed to cause Montrose to issue shares to that investor as part of that investment;
  • soliciting monies for an off-book investment; and
  • issuing a personal cheque for $30,000 to an investor in re-payment of a short-term loan to Montrose on a personal bank account he knew or ought to have known had been closed two months earlier.

Mr. Rada also admitted that from November 14, 2008 to August 25, 2010, he failed to co-operate with IIROC's investigation, contrary to IIROC Rule 19.5 by failing to produce banking records and by failing to attend a scheduled interview.

The Rule 29.1 violations occurred in 2007 when Mr. Rada was a Registered Representative with the Vancouver branches of Wolverton Securities Ltd., and subsequently, Global Securities Corporation, both IIROC-regulated firms. IIROC began the investigation into Mr. Rada's conduct on May 16, 2008. Mr. Rada is no longer a registrant with an IIROC-regulated firm.

* * *

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

For further information:

Warren Funt
Vice President, Western Canada
604.331.4750
wfunt@iiroc.ca
      Elsa Renzella
Director, Enforcement Litigation
416.943.5877
erenzella@iiroc.ca

 


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890