TORONTO, May 31, 2011 /CNW/ - A Hearing Panel of the Investment Industry
Regulatory Organization of Canada (IIROC) has imposed a penalty against
David Bruce Connacher that includes a $500,000 fine, a lifetime
prohibition from seeking re-registration with an IIROC-regulated firm,
and $71,315.50 in costs.
The penalty follows the panel's earlier decision, dated April 20, 2011which found
that Mr. Connacher had violated IIROC Rule 29.1 when he:
Intentionally and through deceptive means, improperly traded in his
firm's inventory account, contrary to the account's purpose and without
any instructions from clients; and
Engaged in personal financial dealings with two of his clients without
the knowledge or consent of his employer.
IIROC formally initiated the investigation into Mr. Connacher's conduct
in November 2008. The violations occurred when Mr. Connacher was the
Head Trader and a Registered Representative with Evergreen Capital
Partners Inc. in Toronto. Mr. Connacher 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
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