IIROC announces decision for Bryan Dale Claggett

TORONTO, April 15 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has found that Bryan Dale Claggett violated an IIROC rule when, without his firm's knowledge, he attempted to settle a client complaint by paying the client money.

In its decision dated April 4, 2011, the panel dismissed a second charge which alleged that Mr. Claggett had conducted discretionary trades in client accounts without the written authorization of the respective clients.

The panel has ordered both IIROC and Mr. Claggett to provide written submissions on the appropriate penalty. Once the Hearing Panel determines the penalty, its decision will be made available at www.iiroc.ca.

Specifically, the panel found that Mr. Claggett engaged in conduct unbecoming and detrimental to the public interest, contrary to IIROC Rule 29.1, when he paid $14,000 to a client to resolve that client's complaint, without the prior knowledge or consent of his firm.

The violation occurred on or about February 9, 2006, while Mr. Claggett was a Registered Representative at the Vancouver branch of BMO Nesbitt Burns, an IIROC-regulated firm. He is currently employed at the Vancouver office of Canaccord Genuity Corp., an IIROC-regulated firm.

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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:

Warren Funt
Vice President, Western Canada
    Elsa Renzella
Director, Enforcement Litigation


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