IIROC announces disciplinary hearing for Mary Louise Kasten-Brown

CALGARY, Feb. 16 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has scheduled a disciplinary hearing for Mary Louise Kasten-Brown.

The hearing concerns allegations that Ms. Kasten-Brown failed to fulfill her know-your-client and suitability obligations when she purchased shares in a privately-held company for eight clients without properly understanding the clients' investment profiles or if the investment was suitable for the clients.  

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

Hearing Date:    10:00 a.m. March 2 and 3, 2011

Calgary TELUS Convention Centre
120-9th Avenue South East
TELUS 104 Room
Calgary, AB

Specifically, the allegations are that Ms. Kasten-Brown:

i)      failed to use due diligence to learn and remain informed of the essential facts relative to every customer and to every order or account accepted, contrary to IIROC Rule 1300.1(a); and
ii)      failed to use due diligence to ensure that the acceptance of any order from a customer is suitable for such customer, contrary to IIROC Rule 1300.1(p).

IIROC began investigating Ms. Kasten-Brown's conduct on February 25, 2008, after receiving a referral from the Alberta Securities Commission about a client complaint. The alleged violations occurred between January 2005 and March 2006 while she was a Registered Representative with Octagon Capital Corporation, an IIROC-regulated firm. She is currently employed at Global Maxfin Capital Inc., formerly Octagon Capital Corporation, 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:

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


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