TORONTO, Dec. 7 /CNW/ - Following a disciplinary hearing held on July 8, 9 and 10, 2009, in Halifax, Nova Scotia, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Daniel Murray Trenholm (the "Respondent"):
1. During the period October 2001 to February 2004, the Respondent
failed to properly perform his role as a gatekeeper in the capital
markets, contrary to Rule 29.1 (then By-law 29.1) and Rule 1300.1(a)
(then Regulation 1300.1(a))when dealing with a group of related
i. Facilitating certain transactional activity in five related
accounts without making diligent inquiries to ensure the
legitimacy of the transactions in circumstances which should
have called the transactional activity into question because it
was peculiar, suspicious or appeared to be consistent with
market manipulation, deception or other improper market related
2. During the period October 2001 to February 2004, the Respondent
accepted trading instructions in respect of four client accounts from
a person not authorized in writing to provide such instructions for
those accounts, contrary to Association Rule 200.1(i)(3)
(then, Regulation 200.1(i)(3)).
The Hearing Panel issued its Decision and Reasons on September 6, 2009. In a separate penalty decision dated November 24, 2009, the Hearing Panel imposed the following penalty against the Respondent:
(a) suspension for a period of 3 years;
(b) fine of $15,000;
(c) costs of $15,000; and
(d) re-write the CPH examination prior to re-approval.
The IDA formally initiated the investigation into the Respondent's conduct in June 2006. The violations occurred when the Respondent was a Registered Representative with the Halifax, Nova Scotia Branches of Lynch Investments Ltd. and Acadian Securities Inc. The Respondent is currently a registrant with Jennings Capital Inc., an IIROC-regulated firm.
The Hearing Panel's Decisions 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
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