IN THE MATTER OF Mark Andrew Reynolds and Lawrence Bradley Chang - Settlement
(a) Reynolds admitted that he acted contrary to Dealer Member Rule 29.1 by accepting orders to buy and sell shares of Aberdene in client accounts without reasonably informing himself of the essential facts relative to his clients' orders and without assuring himself the transactions were not being effected for improper purposes, in circumstances which necessitated such inquiries; and (b) Chang admitted that he acted contrary to Dealer Member Rules 1300.1 (a), (o), and (p) by accepting orders to buy and sell shares of Aberdene in client accounts without making reasonable or diligent inquiries that were reasonably necessary to inform himself of the essential facts relative to his clients and their orders and to assure himself that the transactions were suitable for his clients in the circumstances which necessitated such inquiries.
Pursuant to the Settlement Agreement, the Hearing Panel imposed the following penalties against the Respondents:
(a) Reynolds will pay a fine of $40,000; (b) Chang will pay a fine of $30,000; and (c) Reynolds is suspended from approval in any registered capacity with IIROC for a period of 6 months from the date of his execution of the Settlement Agreement.
The Hearing Panel also required the Respondents to pay costs in the amount of
IIROC formally initiated the investigation into the Respondents' conduct on
The Hearing Panel issued its Reasons and Decision on
IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in
For further information: For further information: Warren Funt, Vice President, Western Canada, (604) 331-4750, [email protected]; Jeff Kehoe, Director, Enforcement, (416) 943-6996 [email protected]
Share this article