IIROC announces decision and penalty for Mark Allen Dennis

TORONTO, June 16, 2011 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has fined Mark Allen Dennis more than $1 million after finding that he misappropriated a client's money and failed to co-operate with IIROC's investigation.

In issuing its decision, the panel imposed a penalty of:

  • $1 million fine for the misappropriation;
  • $25,000 fine for failing to co-operate;
  • $7,500 in costs; and
  • a permanent ban from registration with an IIROC-regulated firm.

Specifically, the panel found that Mr. Dennis:

  • misappropriated approximately $1.4 million from a client, contrary to IIROC Rule 29.1; and
  • failed to attend and give information in respect of an investigation being conducted by IIROC staff, contrary to IIROC Rule 19.5.

IIROC began its investigation into Mr. Dennis' conduct in May 2010 after being notified of the allegations by TD Waterhouse Canada Inc. The misappropriation occurred between September 2004 and May 2006 when he was a Registered Representative with a Hamilton, Ontario branch of TD Waterhouse, an IIROC-regulated firm. Mr. Dennis is no longer registered with an IIROC-regulated firm.

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 and permanent bans or terminations 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.

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.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

For further information:

Jeff Kehoe
Vice President, Enforcement
  Elsa Renzella
Director, Enforcement Litigation


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