IN THE MATTER OF Peter Deruyter Van Hee - Penalty



    CALGARY, Sept. 10 /CNW/ - Following a disciplinary hearing held over 6
days in November and December 2007, in Calgary, Alberta, a Hearing Panel of
the Investment Industry Regulatory Organization of Canada (IIROC) found that
Peter Deruyter Van Hee (the Respondent):

    
    (a) As the Designated Registered Options Principal of Union Securities
        Ltd (Union), failed to adequately supervise the account management
        and trading activities and maintain adequate supervision records
        (evidence) relating to two (2) client accounts of the Registered
        Options Representative, E. L., an employee of Union in Calgary,
        during the period October 2002 to March 2003; in contravention of
        Association Regulation 1300.1, 1300.2 and Policy No.2 ; and

    (b) As the Designated Registered Options Principal of Union Securities
        Ltd., failed to adequately supervise the account management and
        trading activities and maintain adequate supervision records
        (evidence), relating to, all or any of, twelve (12) client accounts
        of the Registered Options Representative, S.B., an employee of Union
        in Regina, Saskatchewan, during the period 2002 to 2003; in
        contravention of Association Regulation 1300.2 and Policy No.2; and

    (c) As the Designated Registered Options Principal of Union Securities
        Ltd., failed to adequately supervise the account management and
        trading activities and maintain adequate supervision records
        (evidence), relating to one (1) client of the Registered Options
        Representative, J.E., an employee of Union in Calgary, during the
        period April 2001 to August 2003; in contravention of Association
        Regulation 1300.1, 1300.2 and Policy No.2 ; and

    (d) As the Designated Registered Options Principal of Union Securities
        Ltd., failed to adequately supervise the account management and
        trading activities and maintain adequate supervision records
        (evidence), relating to one (1) client account of the Registered
        Options Representative, R.L., an employee of Union in Moncton, New
        Brunswick, during the period September 2001 to May 2003; in
        contravention of Association Regulation 1300.1, 1300.2 and Policy
        No.2.

    The Hearing Panel issued its Decision and Reasons on November 26, 2008.
Following a penalty hearing held on April 30, 2009, the Hearing Panel issued a
Penalty Decision dated July 22, 2009, and imposed the following penalties
against the Respondent:

    (a) Fine of $40,000.00;

    (b) Rewrite and pass the Options Supervisors Course within six months of
        the date of this Decision. Failure to successfully complete the
        examination to result in the Respondent's suspension from acting in a
        supervisory capacity until successful completion of the course
        examination;
    

    and required the Respondent to pay costs in the amount of $15,000.00.
    The IDA formally initiated the investigation into the Respondent's
conduct on October 14, 2004. The violations occurred when the Respondent was a
Designated Registered Options Principal at the Vancouver, British Columbia
head office branch of Union Securities Ltd. The Respondent is still the
Designated Registered Options Principal at the head office branch of Union
Securities Ltd. in Vancouver British Columbia, an IIROC-regulated firm.
    The Hearing Panel's Decisions and Reasons are 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: Warren Funt, Vice President, Western Canada,
(604) 331-4750, wfunt@iiroc.ca; Jeff Kehoe, Director, Enforcement, (416)
943-6996, jkehoe@iiroc.ca


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890