Enforcement Notice - IN THE MATTER OF Harrison Fitzgerald Keenan - Settlement Accepted

TORONTO, May 28, 2013 /CNW/ - On May 15, 2013, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), accepted a Settlement Agreement, with sanctions, between IIROC staff and Harrison Fitzgerald Keenan.

Mr. Keenan admitted that he falsely endorsed client signatures and engaged in discretionary trading.

Specifically, Mr. Keenan admitted to the following violation(s):

(a)  From or about May 2010 to July 2011 he signed certain of his clients' names on investment related documents and passed the signatures off as the clients' own, and thereby engaged in conduct unbecoming or detrimental to the public interest, contrary to IIROC Rule 29.1; and
(b)  From or about May 2011 to March 2012 he engaged in discretionary trading in the accounts of one of his clients contrary to IIROC Rules 1300.4 and 1300.5.

Pursuant to the Settlement Agreement, Mr. Keenan agreed to the following penalty:

(a)  A fine in the amount of $25,000;
(b)  Disgorgement profits of $4,398.97;
(c)  Suspension of two months; and
(d)  Strict supervision for 5 months, with reporting requirements to be made internally with his member firm.

Mr. Keenan also agreed to pay costs in the amount of $5,000.00.

The Settlement Agreement and the Hearing 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.

IIROC formally initiated the investigation into Mr. Keenan's conduct in September 2012. The conduct occurred when he was a Registered Representative with a Toronto branch of Scotia Capital Inc., an IIROC-regulated firm.   Mr. Keenan is currently a Registered Representative with the Toronto branch of Macquarie Private Wealth Inc., another IIROC member firm.

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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:

Enforcement Contact:
Elsa Renzella
Acting VP, Enforcement

Media Contact:
Karen Archer
Senior Media and Public Affairs Specialist


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