IN THE MATTER OF Georges Benarroch, Linda Kent, Marjorie Ann Glover, and Credifinance Securities Limited - Discipline



    TORONTO, May 8 /CNW/ - Notice is hereby given that a hearing will be held
before a Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC) commencing June 15, 2009, at Legal Transcript Services, located
at 390 Bay Street, Suite 1102, Toronto, Ontario, at 10:00 a.m. or as soon
thereafter as possible, to hear evidence and submissions in the matter of
Georges Benarroch, Linda Kent, Marjorie Ann Glover, and Credifinance
Securities Limited (the "Respondents").
    The hearing concerns matters for which the Respondents may be disciplined
as Regulated Persons and as a Dealer Member of IIROC, pursuant to Part 10 of
IIROC Dealer Member Rule 20.

    
    The hearing concerns allegations that the Respondents:

    (a)  Benarroch and Kent, while Registered Representatives with
         Credifinance Securities Limited ("Credifinance"), and particularly
         from in or about January 2003 to in or about March 2006, failed to
         properly perform their gatekeeper responsibilities in connection
         with trading in Credifinance client accounts in the shares of Magnum
         D'Or Resources Inc. ("Magnum") and Osprey Gold Corp. ("Osprey") and
         improperly engaged in financial and business transactions with
         Credifinance clients in relation to the distribution and sale of
         shares of Magnum and Osprey, which conduct was unbecoming
         registrants and detrimental to the public interest, contrary to
         By-law 29.1 of the IDA;

    (b)  Benarroch, while a Registered Representative with Credifinance, and
         particularly between September 2005 and April 2007, provided untrue
         or misleading evidence to Staff of the IDA, which conduct was
         contrary to By-law 19.5 of the IDA;

    (c)  Glover, while a Registered Representative and Chief Compliance
         Officer with Credifinance, and particularly from in or about January
         2003 to in or about March 2006, failed to exercise due diligence and
         failed to adequately supervise the conduct of Benarroch and Kent in
         respect of their dealings with Credifinance clients, and in
         particular their dealings in shares in Magnum and Osprey, which
         conduct was a failure in her role as gatekeeper and was unbecoming a
         registrant and detrimental to the public interest, contrary to
         By-law 29.1 of the IDA; and

    (d)  Credifinance, while a Member of the IDA, and particularly from in or
         about January 2003 to in or about March 2006, failed in its role as
         a gatekeeper in that it failed to supervise the conduct of Benarroch
         and Kent and failed to supervise the transactions in Benarroch's and
         Kent's clients' accounts, which conduct was unbecoming a Member and
         detrimental to the public interest, contrary to By-law 29.1 of the
         IDA.
    

    IIROC formally initiated the investigation into the Respondents' conduct
in January 2004. The alleged violations occurred when the individual
Respondents were Registered Representatives with the Toronto office of
Credifinance Securities Limited and when the firm was a member of the IDA. The
individual Respondents continue to be registrants at the same office.
Credifinance is an IIROC-regulated firm.
    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
the public.

    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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