IIROC announces decision and penalty for Roger Carl Schoer

TORONTO, June 17, 2011 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has found that Roger Carl Schoer fraudulently induced clients and other individuals to invest money which he used for other purposes. In its decision, the panel imposed a penalty on Mr. Schoer which includes:

  • A $200,000 fine;
  • A permanent bar from registration with an IIROC-regulated firm; and
  • $100,000 in costs.

Specifically, the panel found that Mr. Schoer engaged in conduct unbecoming and detrimental to the public interest, contrary to IIROC Rule 29.1, by fraudulently inducing clients and other individuals to put money into investments that he was misrepresenting as private placement investments in small corporate entities. He then used the funds to pay off other clients and individuals, or to pay unrelated personal debts.

"In a Ponzi-like fashion, cheques were induced from new clients to pay off pending obligations to other existing clients …," the panel stated in its decision. Mr. Schoer "preyed on gullible and vulnerable people who trusted him."

The violations occurred between 2002 and 2007, while Mr. Schoer was a Registered Representative with the Toronto offices of Octagon Capital Corp. and Standard Securities Capital Corp., both IIROC-regulated firms. IIROC formally began the investigation into Mr. Schoer's conduct in January 2008. Mr. Schoer 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


Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .


Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.


Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.