IN THE MATTER OF Paul Van Benthem and Anthony Petriccione - Set Date

TORONTO, Oct. 15 /CNW/ - Notice is hereby given that an appearance will be held before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), on October 28, 2009 at the IIROC offices, Suite 1600, Boardroom 2, located at 121 King Street West, Toronto, Ontario at 11:00a.m. or as soon thereafter as the appearance can be held, to set the date for a hearing and deal with related matters in the matter of Paul Van Benthem and Anthony Petriccione (the "Respondents").

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 May 26, 2005. The violations occurred when the Respondents were Registered Representatives with the Toronto Branch of Blackmont Capital Inc., an IIROC-regulated firm. The Respondents are no longer registrants with an IIROC-regulated firm.

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 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.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

For further information: For further information: Jeff Kehoe, Director, Enforcement, (416) 943-6996, jkehoe@iiroc.ca; Dylan Rae, Public Affairs Specialist, (416) 943-5846, drae@iiroc.ca


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