IIROC announces decision and penalty for Savitri Shamseer

TORONTO, Feb. 9 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has found that Savitri Shamseer violated IIROC Rules by making discretionary trades in a client account that was not a discretionary account.

In its decision dated January 24, 2011, the panel also imposed a penalty calling for Ms. Shamseer to:

  • Be subject to a six-month suspension from registration in any capacity with IIROC, for the period January 28, 2011 to July 27, 2011;
  • Pay a $50,000 fine;
  • Successfully complete the examination based on the Conduct and Practices Handbook Course before re-registration in any capacity with IIROC;
  • Work under strict supervision for 12 months from the date registered with IIROC;
  • Work under close supervision for the subsequent six months;
  • Pay $5,000 in costs.

Specifically, Ms. Shamseer made 19 discretionary trades in a client's account without first having the account approved and accepted as a discretionary account, contrary to IDA Regulation 1300.4 (now IIROC Rule 1300.4).

The violation occurred between September 2006 and February 2007, while Ms. Shamseer was a Registered Representative at Argosy Securities Inc., an IIROC-regulated firm. IIROC began investigating Ms. Shamseer's conduct on February 6, 2008, after receiving a client complaint. Ms. Shamseer is no longer 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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