TORONTO, June 5, 2014 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in order to set a date for a discipline hearing in the matter of David Edward Sloan.
The hearing concerns allegations that Mr. Sloan engaged in unauthorized trading in a client account. It is further alleged that Mr. Sloan failed to record accurate risk tolerance and investment objectives for several clients; and that he made recommendations for several clients that were not suitable for them.
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.
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.
Friday, June 13, 2014, at 10 a.m.
IIROC Office, Alberta Room
121 King Street W., Suite 2000
Toronto, ON M5H 3T9
Specifically, the allegations are that:
a) Count 1: In or about December 2012, Mr. Sloan engaged in conduct unbecoming or detrimental to the public interest in that he engaged in unauthorized trading in a client account, contrary to IIROC Rule 29.1;
b) Count 2: In or about 2009 to 2010, Mr. Sloan failed to use due diligence to learn and remain informed of the essential facts relative to every customer in that he failed to record the accurate risk tolerance and investment objectives for several clients, contrary to IIROC Rule 1300.1(a); and
c) Count 3: Between January and December 2010, Mr. Sloan failed to use due diligence to ensure that recommendations he made for several clients were suitable for them, contrary to IIROC Rule 1300.1(q).
IIROC formally initiated the investigation into Mr. Sloan's conduct in May 2012. The alleged violations occurred when he was a Registered Representative with the Amherstburg branch of Edward Jones, an IIROC-regulated firm. Mr. Sloan is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at:
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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, Vice President, Enforcement, 416 943-5877, firstname.lastname@example.org; Media Contact: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, email@example.com