TORONTO, Dec. 7, 2012 /CNW/ - A penalty hearing has been scheduled
before a Hearing Panel of the Investment Industry Regulatory
Organization of Canada (IIROC) in the matter of Peter Michael Deeb.
The panel will consider the penalty to be imposed as a result of their
decision dated November 13, 2012 which found that Mr. Deeb failed to
keep and maintain a proper set of books and records, contrary to IIROC
Dealer Member Rule 17.2, IIROC Dealer Member Rule 200 and National
Instrument 31-103 and refused to provide access to certain books and
records despite a request by IIROC staff, contrary to IIROC Dealer
Member Rule 19.6.
The panel dismissed allegations that Mr. Deeb engaged in conduct
unbecoming, contrary to IIROC Dealer Member Rule 29.1 by profiting at
the expense of his clients and failing to ensure client priority and
that he engaged in conduct unbecoming, contrary to IIROC Dealer Member
Rule 29.1, by engaging in a practice commonly known as "free-riding".
The Hearing Panel's liability decision is available at:
The panel's reasons will follow.
The penalty hearing is open to the public, unless the panel orders
otherwise. The panel's decision will be made available at www.iiroc.ca.
Documents related to ongoing IIROC enforcement proceedings - including
Reasons and Decisions of Hearing Panels - are posted on the IIROC
website as they become available. Click here to search and access all IIROC enforcement documents.
December 13, 2012, 10:00 a.m.
JPR Meeting Rooms
390 Bay Street - 3rd Floor
Hearing Room C
IIROC formally initiated the investigation into Mr. Deeb's conduct in
December 2009. The violations occurred when he was registered with
Hampton Securities Ltd. ("Hampton"), an IIROC-regulated firm. Mr. Deeb
continues to be an IIROC registrant at Hampton.
* * *
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.
IIROC investigates possible misconduct by its member firms and/or
individual registrants. It can bring disciplinary proceedings which may
result in penalties including fines, suspensions, permanent bars,
expulsion from membership, or termination of rights and privileges for
individuals and firms.
All information about disciplinary proceedings relating to current and
former member firms is available in the Enforcement section of the IIROC website. Background information regarding the
qualifications and disciplinary history, if any, of advisors currently
employed by IIROC-regulated firms is available free of charge through
the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or
marketplace-related complaints is available by calling 1.877.442.4322.
SOURCE: Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information:
Vice President, Enforcement
Director, Public Affairs