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
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