TORONTO, Jan. 17, 2013 /CNW/ - Following an expedited hearing held on
January 7, 2013, in Toronto, a Hearing Panel of the Investment Industry
Regulatory Organization of Canada (IIROC) granted the orders sought by
IIROC staff against Glenn Allan Prior.
The Order granted was based upon certain forgeries and the related
criminal conviction against Mr. Prior. In particular, Mr. Prior forged
his sister's and brother's signatures on guarantees for his personal
investment account. In doing so, he made their capital available to
backstop his trading. Unbeknownst to them, he incurred significant
trading losses of over $700,000, which would have exhausted nearly all
of their capital had the guarantees been enforced. Ultimately, Mr.
Prior's dealer, RBC Dominion Securities Inc. ("RBC DS"), declined to
enforce the guarantees and instead took on Mr. Prior's trading debt.
As such, Mr. Prior's forgeries resulted in a significant fraud on RBC
For further details, a copy of IIROC staff's Notice of Application can
be found at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=4D11C65674724F8B8B92DBC2734E83D7&Language=en
At the hearing, IIROC staff sought orders providing that Mr. Prior's
rights and privileges of approval for registration in any capacity or
category with IIROC are permanently terminated and that he pay $25,000
in costs of the investigation and hearing. The panel made an Order
granting all of the requested relief.
A copy of the Hearing Panel's Order dated January 7, 2013, can be found
The Hearing Panel's reasons for the Order will be made available at www.iiroc.ca.
Documents related to ongoing IIROC enforcement proceedings - including
Reasons and Decisions of Hearing Panels - are posted on the IIROC
website as they become available. Click here to search and access all IIROC enforcement documents.
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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.
IIROC investigates possible misconduct by its member firms and/or
individual registrants. It can bring disciplinary proceedings which may
result in penalties including fines, suspensions, permanent bars,
expulsion from membership, or termination of rights and privileges for
individuals and firms.
All information about disciplinary proceedings relating to current and
former member firms is available in the Enforcement section of the IIROC website. Background information regarding the
qualifications and disciplinary history, if any, of advisors currently
employed by IIROC-regulated firms is available free of charge through
the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or
marketplace-related complaints is available by calling 1.877.442.4322.
SOURCE: Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information:
Vice President, Enforcement
Vice President, Public Affairs