TORONTO, Feb. 9 /CNW/ - On January 25, 2010, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement between IIROC Staff and John Donnelly (the "Respondent"). Pursuant to the Settlement Agreement, the Respondent admitted as follows:
(a) The Respondent, at all material times, Branch Manager of the
Toronto branch of Blackmont Capital Inc. ("Blackmont"), a Member
of IIROC, failed to adequately supervise the client account
management activities of the accounts by the Registered
Representatives, PV and AP, employees of Blackmont, during the
period June 2004 to March 2005, in contravention of Association
Regulation 1300.2 and Policy No. 2 (now IIROC Rules 1300.2 and
Pursuant to the Settlement Agreement, the Hearing Panel imposed the
following penalty against the Respondent:
(a) a suspension of registration approval for 45 days as Branch
Manager or from acting in any compliance capacity with any Dealer
Member of IIROC; and
(b) a fine in the sum of $50,000.
and required the Respondent to pay costs in the amount of $8,500.
The IDA formally initiated the investigation into the Respondent's conduct on October 17, 2005. The violations occurred when the Respondent was a Branch Manager with the Toronto Branch of First Associates Investments Inc., an IIROC-regulated firm. The Respondent is still within the industry in a registered capacity with Raymond James Ltd., an IIROC-regulated firm.
The Hearing Panel will issue its Reasons and Decision at a later date. The approved 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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information: For further information: Alex Popovic, Vice President, Enforcement, (416) 943-6904, email@example.com; Jeff Kehoe, Director, Enforcement Litigation, (416) 943-6996, firstname.lastname@example.org