CALGARY, March 6, 2013 /CNW/ - A hearing has been scheduled before a
Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC), in the matter of James Dale Lambert. The hearing
concerns allegations that Mr. Lambert failed to use due diligence to
learn the essential facts relative to investments in a financial
product he recommended to clients, and failed to ensure they were
suitable for clients.
The hearing is open to the public, unless the panel orders otherwise.
The decision of the Hearing Panel will be made available at www.iiroc.ca.
March 18 and 19, 2013 at 10:00 a.m.
601 Spadina Crescent
Specifically, the allegations are that Mr. Lambert:
a. Failed to use due diligence to learn and remain informed of the
essential facts relative to every order accepted, contrary to IIROC
Dealer Member Rule 1300.1(a) [IDA Regulation 1300.1(a) prior to June 1,
b. Failed to use due diligence to ensure that recommendations were
suitable for his clients, contrary to IIROC Dealer Member Rule
1300.1(q) [IDA Regulation 1300.1(q) prior to June 1, 2008].
IIROC formally initiated the investigation into Mr. Lambert's conduct in
May 2011. The alleged violations occurred when he was a Registered
Representative with the Saskatoon branch of Edward Jones, an
IIROC-regulated firm. Mr. Lambert is no longer a registrant with an
The Notice of Hearing which sets out the allegations is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=BC73A9E9B8BF4E9895AA85AD7106C2F0&Language=en.
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 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