IIROC announces disciplinary hearing for Henry Cole

TORONTO, Sept. 14, 2011 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has scheduled a disciplinary hearing for Henry Cole.

The hearing concerns allegations that Mr. Cole created a fraudulent private investment fund through which he misappropriated approximately $5 million in client funds, created forged documents and misrepresented the nature of the periodic payments that the investors received.

Hearing Date:            January 16, 17 and 18, 2012, at 10:00 a.m.

          JPR Meeting Rooms
390 Bay Street, 3rd Floor, Hearing Room C
Toronto, ON

The hearing is open to the public, unless the panel orders otherwise. The panel's decision will be made available at www.iiroc.ca.

Specifically, the allegations are that Mr. Cole engaged in conduct unbecoming and detrimental to the public interest, contrary to IIROC Rule 29.1 by:

  • Misappropriating funds from clients on a minimum of 21 occasions;
  • Creating forged documents such as promissory notes with the forged signature of a third party; and
  • Fraudulently representing periodic payments to investors as returns on their investments, when the payments actually came out of the pool of investor funds.

The alleged violations occurred between February 2009 and December 2010, while Mr. Cole was a Registered Representative with the Toronto branch of RBC Dominion Securities Inc., an IIROC-regulated firm. IIROC began its investigation into Mr. Cole's conduct in December 2010. Mr. Cole 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:

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



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