IN THE MATTER OF Irwin Igra - Settlement



    TORONTO, June 30 /CNW/ - On May 26, 2009 a Hearing Panel of the
Investment Industry Regulatory Organization of Canada (IIROC) accepted a
Settlement Agreement between IIROC Staff and Irwin Igra (the "Respondent").
Pursuant to the Settlement Agreement, the Respondent admitted that:

    
    (a) Between January 2005 and December 2006, the Respondent failed to use
        due diligence to ensure that clients qualified as accredited
        investors in accordance with the provisions of the Ontario Securities
        Act, R.S.O. 1990, c. S. 5 (as amended) before facilitating the
        purchase of securities offered pursuant to prospectus exemptions,
        contrary to IDA Regulation 1300.1(a).

    Pursuant to the Settlement Agreement, the Hearing Panel imposed the
following penalty against the Respondent:

    (a) A fine in the amount of $10,000; and

    (b) Successful completion of the Conduct and Practices Handbook
        Examination within 6 months from the effective date of the Settlement
        Agreement;

    and required the Respondent to pay costs in the amount of $2,500.
    

    IIROC formally initiated the investigation into the Respondent's conduct
on July 9, 2007. The violations occurred when the Respondent was a Registered
Representative with IPC Securities Corporation. The Respondent is still within
the industry in a registered capacity with Wellington West Capital Inc., an
IIROC-regulated firm.
    The Settlement Agreement is 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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