VANCOUVER, Jan. 31, 2014 /CNW/ - Following a penalty hearing held on
November 22, 2013, a Hearing Panel of the Investment Industry
Regulatory Organization of Canada (IIROC) imposed the following penalty
on Lawrence Bradley Chang:
(a) A permanent bar from approval with IIROC; and
(b) A fine in the amount of $100,000.
Mr. Chang is also required to pay costs in the amount of $7,500.
The penalty decision can be found at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=B1F43032FA664EE3BAE296F1E133248E&Language=en.
In an earlier decision, dated August 26, 2013, the Hearing Panel found
that Mr. Chang made unauthorized purchases of one security in a client
account and then made misrepresentations to the client regarding the
number of shares of that security that were held in the account. The
decision on Liability can be found at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=6F24ACE43B8243A5AF47F82344ACE02E&Language=en.
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.
IIROC formally initiated the investigation into Mr. Chang's conduct in
January 2010. The violations occurred when he was a Registered
Representative with the Vancouver office of Canaccord Genuity Corp., an
IIROC-regulated firm. Mr. Chang is no longer a registrant with an
* * *
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, Western Canada
Senior Media and Public Affairs Specialist