VANCOUVER, April 1 /CNW/ - A British Columbia Securities Commission
panel has overturned an Investment Industry Regulatory Organization of
Canada (IIROC) panel decision that Victoria broker Carolann Steinhoff
contravened IIROC rules.
In March of 2010, an IIROC panel found that Steinhoff, then employed at
the Victoria branch of Wellington West Capital Inc., instructed or
condoned a practice among her staff of altering and creating false
client documents that included cutting and pasting clients' signatures.
The panel also found that Steinhoff frustrated and obstructed
investigations into her conduct.
The IIROC panel later suspended Steinhoff and made orders against her,
including a fine of $60,000 and costs of $45,000. A commission panel
stayed the IIROC orders pending the outcome of the commission's review
of the IIROC panel decision.
After a hearing in March, 2011, the BCSC panel set aside both IIROC
decisions, finding that the evidence the IIROC panel relied on in
making its decision was insufficient.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the
province. You may view the decision on our website www.bcsc.bc.ca by typing in the search box, Carolann Steinhoff or 2011 BCSECCOM 147.
If you have questions, contact Richard Gilhooley, Media Relations,
SOURCE British Columbia Securities Commission
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