VANCOUVER, March 11, 2013 /CNW/ - A penalty hearing has been scheduled
before a Hearing Panel of the Investment Industry Regulatory
Organization of Canada (IIROC), in the matter of Charles B. Floyd and
James Gordon McDonald.
The panel will consider the penalty to be imposed as a result of their
decision dated January 22, 2013 which found that Mr. Floyd made
unsuitable recommendations and discretionary purchases in one client's
account and that Mr. McDonald failed to supervise the account.
The Hearing Panel's liability decision and reasons is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=E1746D66C38F419E9F5F7810E8AF4C13&Language=en
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.
April 15, 2013, 10:00 a.m.
Delta Edmonton Centre
10222 - 102nd Street N.W.
Room: Victoria East
IIROC formally initiated the investigation into Mr. Floyd's conduct in
May 2009 and into Mr. McDonald's conduct in March 2009. The alleged
violations occurred when they were Registered Representatives with the
Edmonton branch of Union Securities Ltd., an IIROC-regulated firm. Mr.
McDonald is currently a Registered Representative with the Edmonton
branch of Wolverton Securities Ltd., an IIROC-regulated firm. Mr. Floyd
is no longer a registrant with an IIROC-regulated firm.
* * *
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, Western Canada
Public Affairs Specialist