IN THE MATTER OF Charles Kamal Dass - Discipline



    VANCOUVER, May 15 /CNW/ - Following a disciplinary hearing held on April
6, 2009, in Vancouver, BC, a Hearing Panel of the Investment Industry
Regulatory Organization of Canada ("IIROC") found that Charles Kamal Dass (the
"Respondent") committed the following contraventions:

    
    (a) In or about May and June 2003, the Respondent, at all material times
        a Registered Representative ("RR") employed at Dundee Securities
        Corporation ("Dundee"), a Member firm, engaged in personal financial
        dealings with his client, GN, without the knowledge or consent of
        Dundee, contrary to Association By-law 29.1;

    (b) In or about May 2004, the Respondent, at all material times a RR
        employed at Dundee, a Member firm, engaged in personal financial
        dealings with his clients E & JK, without the knowledge or consent of
        Dundee, contrary to Association By-law 29.1;

    (c) In or about March 2004, the Respondent, at all material times a RR
        employed at Dundee, a Member firm, misappropriated monies from his
        clients, EK and JK, without the knowledge or consent of those
        clients, contrary to Association By-law 29.1; and

    (d) In or about January and February 2005, the Respondent, while still
        subject to the jurisdiction of the Association pursuant to
        Association By-law 20.7, attempted to frustrate and/or obstruct the
        Association's investigation into Counts 1, 2 and/or 3, which involve
        matters that occurred while the Respondent was a RR employed at
        Dundee, a Member firm, by asking his former client, EK to make
        misrepresentations to the Association, contrary to Association By-law
        29.1 and / or By-law 19.5.

    The Hearing Panel imposed the following penalties against the Respondent:

    (a) a permanent bar from approval with IIROC; and

    (b) a fine in the amount of $220,000;

    and required the Respondent to pay costs in the amount of $83,184.00.
    

    IIROC formally initiated the investigation into the Respondent's conduct
on January 14, 2005. The violations occurred when the Respondent was a
Registered Representative with the Port Alberni Branch of Dundee Securities
Corporation. The Respondent is no longer a registrant with an IIROC-regulated
firm.
    The Notice of Hearing in this matter was issued in May 2006. At that
time, the Respondent made a preliminary motion asserting that IIROC (IDA at
the time) no longer had jurisdiction over him as he was no longer a registrant
in the industry. An IDA hearing panel determined in a decision dated July 19,
2006, that the IDA in fact had jurisdiction to pursue disciplinary action over
former registrants. The Respondent appealed that Decision to the British
Columbia Securities Commission (BCSC) who upheld the IDA hearing panel
decision. The Respondent appealed the decision of the BCSC to the British
Columbia Court of Appeal. That appeal was heard in May 2008 and in a decision
dated October 23, 2008, the Court of Appeal determined that the IDA (now
IIROC) had jurisdiction to pursue disciplinary action against former
registrants. The Respondent did not seek leave to appeal the Court of Appeal
decision to the Supreme Court of Canada. By agreement of the parties, the
Notice of Hearing was sealed until the issue of jurisdiction was finally
determined.
    The Hearing Panel issued its Decision and Reasons on May 5, 2009. 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.




For further information:

For further information: Warren Funt, Vice-President, Western Canada,
(604) 331-4750, wfunt@iiroc.ca; Jeff Kehoe, Director, Enforcement, (416)
943-6996, jkehoe@iiroc.ca


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