TORONTO, May 6 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has penalized Anthony Petriccione and Paul Van Benthem after finding they failed to cooperate with IIROC by refusing to attend and give evidence at a discipline hearing involving their former supervisor.
The Hearing Panel imposed against each the following penalty:
(a) A fine in the amount of $50,000; and
(b) A permanent ban from registration approval with IIROC.
As well, each is required to pay costs in the amount of $2,000.
The penalty follows a disciplinary hearing held April 13, 2010 at which an IIROC Hearing Panel found that the failure of Messrs. Petriccione and Van Benthem to cooperate with IIROC was a contravention of IIROC Rule 20.31.
As a result of the imposition of the permanent bans, the Hearing Panel ordered that a separate but related proceeding against Messrs. Petriccione and Van Benthem and scheduled for hearing on September 13, 2010, be permanently stayed.
The Hearing Panel issued its Decision and Reasons (Discipline) on April 13, 2010 and its Decision and Reasons (Stay of Proceeding) on April 27, 2010.
The Investment Dealers Association of Canada (now IIROC) formally initiated the investigation into the individual's conduct on May 26, 2005. Both were registered with the Toronto Branch of Blackmont Capital Inc., an IIROC-regulated firm. Neither is currently registered with 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