IN THE MATTER OF Robert Mortimer Phillips - Set Date

MONTRÉAL, Dec. 21 /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 Wednesday, January 13, 2010, in the IIROC Boardroom, located at 5, Place Ville-Marie, Suite 1550, Montréal, Québec, at 10:00 a.m. or as soon thereafter as the appearance can be held, to set the date for a hearing in the matter of Robert Mortimer Phillips (the "Respondent").

The proposed hearing concerns matters for which the Respondent may be disciplined as a Regulated Person of IIROC, pursuant to Part 10 of IIROC Dealer Member Rule 20.

The hearing concerns allegations that the Respondent:

    
    (a) In January and February 2001, the Respondent, while a Registered
        Representative of a Member of the Association, effected four (4)
        unauthorized trades in the client account of "A" which generated a
        loss of roughly $39,000, contrary to By-Law 29.1;

    (b) Between January 2000 and December 2006, the Respondent, while a
        Registered Representative of a Member of the Association, admitted
        having personally covered the losses in the account of the client
        "B" resulting from his discretionary trading, contrary to By-Law
        29.1;

    (c) Between January and December 2006, the Respondent, while a Registered
        Representative of a Member of the Association, made fifty (50)
        discretionary trades in the client account of "B" without the account
        having been approved and accepted as discretionary account and
        without the prior written authorization of the client, contrary to
        Association Regulation 1300.4 and By-Law 29.1;

    (d) Between January 2001 and April 2006, the Respondent, while a
        Registered Representative of a Member of the Association, made
        discretionary trading in the client accounts of "C" without having
        been duly registered or without having the prior written
        authorization of the client and the accounts having been approved and
        accepted in writing as discretionary accounts, contrary to
        Association Regulation 1300.4 and By-Law 29.1;

    (e) Between January 2001 and April 2006, the Respondent, while a
        Registered Representative of a Member of the Association, failed to
        observe high standards of ethics and conduct and engaged in conduct
        unbecoming and detrimental to the public interest, contrary to By-Law
        29.1 by:

        -  making the client "C" believe that she was still receiving income
           from a bond of $100,000, knowing that the bond has been sold;
        -  using the $100,000 bond to cover some discretionary trades made in
           the account, without the knowledge or the consent of the client;
        -  putting his own money in the client account to cover the losses
           generated by his discretionary trading;

    (f) On or about November 19, 2000, the Respondent, while a Registered
        Representative of a Member of the Association, and as admitted by him
        during the investigation, forged the signature of the client "D" for
        an account guarantee agreement in favor of the account of "C",
        contrary to By-Law 29.1;

    (g) During the year 2004, the Respondent, while a Registered
        Representative of a Member of the Association, failed to observe high
        standards of ethics and engaged in conduct unbecoming and detrimental
        to the public interest, contrary to By-Law 29.1, by giving a personal
        guarantee to his client "E" regarding the result of the trades on a
        position and for reimbursing the client by personal cheques to cover
        the losses resulting from the transactions;
    

IIROC formally initiated the investigation into the Respondent's conduct on November 26, 2006. The violations occurred when the Respondent was a Registered Representative with the Montréal Branch of CIBC World Markets Inc. Mr. Phillips has not been registered as representative with an IIROC-regulated firm since October 2006.

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: Carmen Crépin, Vice President, Québec, (514) 878-2854, ccrepin@iiroc.ca; Jeff Kehoe, Director, Enforcement Litigation, (416) 943-6996, jkehoe@iiroc.ca


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