IN THE MATTER OF Paul Van Benthem and Anthony Petriccione - Set Date
The proposed hearing concerns matters for which the Respondents may be disciplined as Regulated Persons of IIROC, pursuant to Part 10 of IIROC Dealer Member Rule 20.
The hearing concerns allegations that the Respondents: 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 Association 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 Association By-law 29.1; and 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 were suitable for these clients, in violation of Association Regulation 1300.1(a) and (p).
IIROC formally initiated the investigation into the Respondents' conduct on
The hearing is open to the public, unless the Hearing Panel orders otherwise.
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: Jeff Kehoe, Director, Enforcement, (416) 943-6996, [email protected]; Dylan Rae, Public Affairs Specialist, (416) 943-5846, [email protected]
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