IIROC announces disciplinary hearing for Thi Sen Chher

MONTRÉAL, Feb. 9 /CNW/ - A hearing will be held before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) to hear evidence and submissions in the matter of Thi Sen Chher.

The hearing relates to allegations that Mr. Chher took advantage of his position of trust with a client, a member of his family, by altering records without her approval, and misappropriating approximately $60,000 for his own investment purposes. This hearing was originally scheduled to begin November 24, 2010.

Hearing Dates:  
March 16, 17, 18, 2011 
9:00 am
Centre Mont-Royal, Salle Mansfield Room
2200 Mansfield Street, Montréal, Québec

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

Specifically, it is alleged that Mr. Chher engaged in conduct unbecoming or detrimental to the public interest, contrary to IIROC Rule 29.1, by:

(a)     Misappropriating client funds;
(b)     Modifying a client's personal address without approval in order to receive the client's monthly statements directly;
(c)     Modifying a client's investor profile without approval to obtain greater control over the client's accounts.

The alleged violations occurred between 2005 and 2007, while Mr. Chher was a Registered Representative at the Montréal branch of National Bank Direct Brokerage Inc. (NBDB), an IIROC-regulated firm. IIROC began the investigation into Mr. Chher's conduct in August 2007, after receiving a report of irregularities regarding Mr. Chher from NBDB. Mr. Chher 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

For further information:

Carmen Crépin
Vice President, Québec
    Elsa Renzella
Director, Enforcement Litigation


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