VANCOUVER, Feb. 25 /CNW/ - Following a disciplinary hearing held on January 12 and 13, 2010, in Vancouver, British Columbia, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that:
(a) between November 2002 and March 2007, Alan Ferguson Hackett (the
Respondent), at all material times a Registered Representative (RR)
at Canaccord Capital Corporation (Canaccord), a Member Firm, acted
contrary to IIROC Dealer Member Rule 29.1 in that he engaged in
personal financial dealings with three Canaccord clients by
borrowing monies from these clients without the knowledge or prior
consent of Canaccord.
The Hearing Panel imposed the following penalty against the Respondent:
(a) a ten-year suspension from approval with IIROC in any capacity;
(b) prior to re-admission to the industry, the Respondent shall rewrite
and pass the examination based upon the Conduct and Practices
Handbook for Securities Industry Professionals; and
(c) upon his re-admission to the industry, the Respondent shall be
subject to a three-year period of close supervision.
IIROC formally initiated the investigation into the Respondent's conduct on May 8, 2007. The alleged violations occurred when the Respondent was an RR with the 609 Granville Street, Vancouver Branch of Canaccord. The Respondent is no longer registered in any capacity with an IIROC-regulated firm.
The Hearing Panel issued its Decision and Reasons on February 16, 2010. The Hearing Panel's Decision and Reasons are available at www.iiroc.ca.
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: Warren Funt, Vice President, Western Canada, (604) 331-4750, email@example.com; Jeff Kehoe, Director, Enforcement, (416) 943-6996, firstname.lastname@example.org