In the matter of Paul Patrick Futher - Penalty



    TORONTO, Sept. 15 /CNW/ - Notice is hereby given that a hearing will be
held before a Hearing Panel of Investment Industry Regulatory Organization of
Canada (IIROC), on Tuesday October 28, 2008 at Legal Transcript Services, 390
Bay Street; 11th floor, Suite 1102, Toronto, at 10:00 a.m. or as soon
thereafter as possible, to determine the penalty to be imposed in the matter
of Paul Patrick Futher (the "Respondent").
    The proposed hearing concerns matters for which the Respondent will be
disciplined as a Regulated Person of IIROC, pursuant to Part 10 of IIROC
Dealer Member Rule 20.

    
    The penalty imposed will pertain to the Respondent's admissions that:

    (a) Between 2002 and 2006, the Respondent, at all material times a
        Registered Representative employed by a Member of the IDA, without
        his client's knowledge, conducted discretionary transactions in the
        account of KH, without being duly registered to do so and without
        those accounts being specifically approved and accepted as
        discretionary by the Member firm, contrary to IDA Regulation 1300.4;
        and

    (b) Between 2002 and 2006, the Respondent, at all material times a
        Registered Representative employed by a Member of the IDA, failed to
        use due diligence to ensure that the recommendations he made for the
        account of client KH were appropriate for KH and in keeping with that
        client's investment objectives and risk tolerance, contrary to IDA
        Regulation 1300.1 (q), and its predecessor 1300.1(d) prior to 2004.
    

    IDA formally initiated the investigation into the Respondent's conduct on
May 28, 2007. The violations occurred when the Respondent was a Registered
Representative with the Waterloo Branch of Blackmont Capital Inc. The
Respondent continues to be a registrant at the same branch.
    The hearing is open to the public, unless the Hearing Panel orders
otherwise. The Hearing Panel's decision and reasons will be made available to
the public. The Notice of Hearing 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 or apopovic@iiroc.ca; Jeff Kehoe, Director, Enforcement, (416)
943-6996 or jkehoe@iiroc.ca


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