TORONTO, Aug. 29 /CNW/ - Notice is hereby given that a hearing will be
held before a Hearing Panel of the Investment Dealers Association of Canada
(IDA), on September 17 to 19, and 22 to 26, 2008 at Legal Transcript Services,
390 Bay Street, Suite 1102, Toronto, at 10 am or as soon thereafter as
possible, to hear evidence and submissions in the matter of Argosy Securities
Inc. & Dax Sukhraj (the "Respondents").
The hearing concerns matters for which the Respondents may be disciplined
as Registrants of the IDA, pursuant to Part 10 of IDA By-Law 20.
The hearing concerns allegations that:
1. From 2003 to 2007 inclusive, Argosy Securities Inc. ("Argosy"), a
Member of the IDA, contravened IDA By-laws, Regulations and Policies
and engaged in conduct unbecoming a Member by failing to respond in a
timely manner to IDA concerns regarding the design, establishment,
oversight and implementation of an effective sales compliance program
to ensure proper compliance with regulatory requirements, contrary to
IDA By-laws 29.1 and 38.
2. From 2003 to 2007 inclusive, Dax Sukhraj, at all material times owner
and sole member of the board of Argosy, and, from August 12, 2004 to
2007, an Approved Person and Senior Executive of Argosy, engaged in
business conduct or practice that is unbecoming and detrimental to
the public interest by failing to ensure that Argosy fulfilled
representations to the IDA that it would develop and implement
policies and procedures to ensure compliance with regulatory
requirements contrary to IDA By-laws 29.1 and 38.
3. From January 2006 to April 2006, inclusive, Dax Sukhraj, Chief
Compliance Officer of Argosy, engaged in business conduct or practice
that is unbecoming and detrimental to the public interest by failing
to properly supervise Yusuf Osman, an Approved Person employed by
Argosy, contrary to IDA By-law 29.1 and Regulation 1300.1(o).
IDA formally initiated the investigation into the conduct of Argosy on
October 14, 2005, and into the conduct of Dax Sukhraj on November 30, 2005.
Argosy has been a Member of the IDA since 2002, with its head office located
in Richmond Hill, Ontario. The alleged violations occurred when Dax Sukhraj
was a Registered Representative with the Richmond Hill branch of Argosy. Dax
Sukhraj continues to be a registrant with Argosy.
The Notice of Hearing is available at:
The hearing is open to the public, unless the Hearing Panel orders
otherwise. The Hearing Panel's decision and reasons will be made available to
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
For further information:
For further information: Jeff Kehoe, Director, Enforcement, (416)
943-6996 or email@example.com