TORONTO, April 30 /CNW/ - Notice is hereby given that a hearing will be held before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), on May 3, 2010 at Legal Transcript Services, located at 390 Bay Street, 11th Floor, Suite 1102, Toronto, Ontario, at 10:00a.m. or as soon thereafter as the hearing can be held, to consider whether, pursuant to section 20.36 of IIROC Dealer Member Rule, the Hearing Panel should accept a Settlement Agreement entered into between IIROC Staff and Wayne White (the "Respondent").
The subject matter of the proposed Settlement Agreement concerns allegations that:
(i) In 2003 and 2004, the Respondent participated and facilitated his
clients' participation in various private placements, such
transactions being conducted off the books and records and without
the knowledge or consent of his employer Member firm, thereby
engaging in conduct unbecoming or detrimental to the public
interest, contrary to IDA By-law 29.1 (now Dealer Member Rule
(ii) In or about January 2004, the Respondent engaged in personal
financial dealings with clients when he participated in a private
placement distribution with a group of his clients without the
knowledge or consent of his employer Member firm, thereby engaging
in conduct unbecoming or detrimental to the public interest,
contrary to IDA By-law 29.1 (now Dealer Member Rule 29.1); and
(iii) In 2003 and 2004, the Respondent received, directly or indirectly,
monetary benefits from a third-party for his facilitation of,
solicitation of or any other acts in furtherance of his and his
clients' investments in various private placements, without his
employer Member firm's knowledge or consent, contrary to IDA By-law
18.15 (now Dealer Member Rule 18.15).
IIROC formally initiated the investigation into the Respondent's conduct on September 19, 2005. The violations occurred when the Respondent was a Registered Representative Options (Retail) with the Toronto Branch of HSBC Securities (Canada) Inc. The Respondent is currently registered as a Registered Representative Options (Retail) at the Toronto Head office of Brant Securities Limited, an IIROC-regulated firm.
The hearing is not open to the public unless and until the Settlement Agreement has been accepted by the Hearing Panel. If the Hearing Panel accepts the Settlement Agreement, the Hearing Panel's decision and reasons will be made available to the public.
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, Acting Vice President, Enforcement, (416) 943-6996, firstname.lastname@example.org