IN THE MATTER OF Paul Van Benthem and Anthony Petriccione - Discipline



    TORONTO, July 23 /CNW/ - Notice is hereby given that a hearing will be
held before a Hearing Panel of the Investment Dealers Association of Canada
("IDA"), April 13, 2009, at 10 a.m. or as soon thereafter as possible, to hear
evidence and submissions in the matter of Paul Van Benthem and Anthony
Petriccione (the "Respondents"). The location of the hearing will be
determined at a later date.
    The hearing concerns matters for which the Respondents may be disciplined
as Registrants of the IDA, pursuant to Part 10 of IDA By-Law 20.

    
    The hearing relates to allegations that:

    1.  In or about June 2004 to December 2005, the Respondents engaged in
        business conduct or practice which is unbecoming or detrimental to
        the public interest in that they permitted a non-registrant to
        perform all fundamental "know your client" obligations for
        approximately 70 clients, and subsequently permitted the non-
        registrant to direct trading activity and provide unauthorized
        trading instructions for several of these clients in violation of
        IDA By-law 29.1.

    2.  In or about June 2004 to December 2005 the Respondents engaged in
        business conduct or practice which is unbecoming or detrimental to
        the public interest by failing to properly perform their role as
        gatekeepers to the capital markets and or for the securities industry
        in that they permitted a non-registrant to effectively use
        approximately 25 client accounts in furtherance of what the
        Respondents knew or ought to have known was an improper market-
        related activity in violation of IDA By-law 29.1.

    3.  In or about June 2004 to December 2005 the Respondents failed to
        exercise due diligence to learn and remain informed of the essential
        facts relative to approximately 25 clients and failed to ensure that
        the acceptance of orders was suitable for these clients, in violation
        of IDA Regulation 1300.1(a) and (p).
    

    The IDA formally initiated the investigation into the Respondents'
conduct on May 26, 2005. The alleged violations occurred when the Respondents
were Registered Representatives with the Toronto Branch of First Associates
Inc. (now Blackmont Capital Inc.) and the Toronto Branch of Raymond James Ltd.
The matter has been reported to the appropriate police authorities. The
Respondents are no longer employed in the industry in any registered
capacities.
    The Notice of Hearing is available at
http://www.iiroc.ca/English/Pages/home.aspx. 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.

    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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