Enforcement Notice Decision - IN THE MATTER OF Benjamin Huw Davies - Settlement Accepted
VANCOUVER, July 10, 2014 /CNW/ - On June 27, 2014, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Benjamin Huw Davies.
Mr. Davies admitted that he forged a Notice of Course Completion which he then submitted to his employer.
Specifically, Mr. Davies admitted to the following violation:
In January 2013, he forged a Notice of Course Completion for the Canadian Securities Institute's Investment Advisor Training Program which he then submitted to his employer, contrary to IIROC Dealer Member Rule 29.1.
Pursuant to the Settlement Agreement, Mr. Davies agreed to the following penalties:
(a) |
A fine of $20,000; |
(b) |
A suspension from approval in any capacity from July 12, 2014 to October 12, 2014; and |
(c) |
He must successfully complete the Conduct and Practices Handbook course by October 12, 2014. |
Mr. Davies also agreed to pay costs in the amount of $2,500.
The Settlement Agreement is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=1367FEEE36E84EC99B11FE6F05DC1256&Language=en 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. Davies' conduct in February 2013. The conduct occurred while he was a Registered Representative with the Comox branch of yourCFO Advisory Group Inc., an IIROC-regulated firm. Mr. Davies is currently a registrant with the Comox office of yourCFO Advisory Group Inc.
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: Warren Funt, Vice President, Western Canada, 604 331-4750, [email protected]; Media Contact: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, [email protected]
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