TORONTO, Jan. 11 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC) will meet to hear evidence and submissions in the matter
of Michael Thomas Jones.
The hearing concerns allegations that Mr. Jones misappropriated $25,000 from one of his clients, and
refused to cooperate with IIROC's investigation into his conduct.
The hearing is open to the public, unless the panel orders otherwise.
The panel's reasons and decisions will be made public at www.iiroc.ca.
10:00 am, March 22, 2011
JPR Meeting rooms
390 Bay Street, 4th floor, Hearing Room A
Specifically, the allegations are that Mr. Jones:
Engaged in business conduct unbecoming or detrimental to the public
interest when he took client funds that were intended for an insurance
premium payment and deposited the funds in his personal account,
contrary to IIROC Rule 29.1, and
Refused to co-operate with an IIROC investigation about his conduct,
contrary to IIROC Rule 19.5.
IIROC began its investigation in April 2010, after receiving notice of
Mr. Jones' termination by BMO Nesbitt Burns and receiving a client
complaint. The alleged violation of Rule 29.1 occurred in 2007 when Mr.
Jones was a Registered Representative with the Cambridge, Ontario
branch of BMO Nesbitt Burns, an IIROC-regulated firm. Mr. Jones is no
longer registered 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
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