IIROC announces penalty for David Bruce Connacher

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.

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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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