IIROC announces disciplinary decision for James Charles Dennis

TORONTO, Feb. 9 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada has found that James Charles Dennis entered into a business referral arrangement with another industry participant for which he received compensation and about which he failed to inform his firm.

The panel announced its findings in a decision dated January 21, 2011. The panel will meet at a future date to determine the appropriate penalty.

Specifically, the panel found that Mr. Dennis entered into an arrangement in which he referred clients to a mutual fund advisor and received commission earnings in return. Between June 2007 and October 2008, Mr. Dennis received total commissions in excess of $300,000. Mr. Dennis did not disclose this arrangement or the compensation to his employer, despite completing annual questionnaires for his firm about outside business activities. The panel found that his actions constituted conduct unbecoming or detrimental to the public interest, contrary to IIROC Rule 29.1.

IIROC began its investigation into Mr. Dennis' conduct on October 24, 2008.  The violation occurred while he was a Registered Representative with the Toronto branch of IPC Securities Corp., an IIROC-regulated firm. He is no longer registered with 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:

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


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