IN THE MATTER OF DAX SUKHRAJ - Penalty



    TORONTO, Jan. 22 /CNW/ - Following a disciplinary hearing commenced on
September 17, 2008, in Toronto, Ontario, a Hearing Panel of the Investment
Industry Regulatory Organization of Canada (IIROC) found that Dax Sukhraj (the
"Respondent"):

    
    1.  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 Association By-laws 29.1 and 38.

    The Hearing Panel issued its Decision and Reasons on October 29, 2008.
    Following a penalty hearing on December 8, 2008 and, in a separate
    penalty decision dated December 31, 2008, the Hearing Panel imposed the
    following penalty against the Respondent:

    (a) A fine in the amount of $150,000, inclusive of costs;

    (b) That the Respondent complete the Chief Compliance Officers Qualifying
        Examination no later than April 1, 2009; and

    (c) That a compliance consultant approved by IIROC be put in place to
        remain at Argosy Securities Inc. for a period of one year to conduct
        regular evaluations of Argosy's compliance systems, including but not
        limited to, determining:

        (i)   If sufficient resources and qualified personnel are dedicated
              to compliance;

        (ii)  If there are technical or other problems impeding Argosy's
              internal compliance controls from operating properly, and

        (iii) If personnel are being responsive to inquiries from compliance
              staff.
    

    The IDA formally initiated the investigation into the Respondent's
conduct on November 30, 2005. The violations occurred when the Respondent was
a Registered Representative with Argosy.
    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.





For further information:

For further information: Alex Popovic, Vice-President, Enforcement,
(416) 943-6904, apopovic@iiroc.ca; Jeff Kehoe, Director, Enforcement, (416)
943-6996, jkehoe@iiroc.ca


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