TORONTO, Jan. 21 /CNW/ - A Hearing Panel of the Investment Industry
Regulatory Organization of Canada (IIROC) has scheduled a hearing to
determine whether it should accept a Settlement Agreement between IIROC
staff and Gregory Rao.
The agreement concerns allegations that Mr. Rao misappropriated funds
from two clients for a total of $195,000.
The hearing is not open to the public unless and until the Settlement
Agreement has been accepted by the Hearing Panel. If the agreement is
accepted, the Panel's decision and reasons, together with the
Settlement Agreement, will be made available at www.iiroc.ca.
January 25, 2011, 10 am
IIROC Boardroom 2, 121 King Street West, Suite 1600, Toronto
IIROC formally initiated the investigation into Mr. Rao's conduct in
September 2009. The alleged contraventions occurred when he was a
Registered Representative with the Woodbridge, Ontario branch of BMO
Nesbitt Burns, an IIROC regulated firm. The Respondent is no longer a
registrant 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:
Vice President, Enforcement