IIROC announces penalty hearing for Thi Sen Chher

MONTRÉAL, Nov. 10, 2011 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has scheduled a hearing to determine the penalty for Thi Sen Chher.

In a news release dated October 7, 2011, IIROC announced that the panel had found that Thi Sen Chher violated IIROC rules by misappropriating approximately $60,000 from a client, a member of his family. In that decision, the panel also dismissed two IIROC charges which alleged that Mr. Chher had modified, without approval, the same client's personal address and investor profile.

Penalty Hearing Date:  Thursday, December 15, 2011 
Location:    Centre Mont-Royal, Room Mansfield 5
  2200 Mansfield Street, Montréal, QC

The panel's penalty decision will be made available at www.iiroc.ca.

Specifically, the panel found that Mr. Chher engaged in conduct unbecoming or detrimental to the public interest, contrary to IDA By-law 29.1 (now IIROC Rule 29.1), by:

  • Taking advantage of his position of trust with a client, his mother, by misappropriating her money to use for his own personal investments. Mr. Chher diverted client funds on 42 occasions for a total misappropriation of approximately $60,000.

The misappropriations occurred between February 28, 2006 and May 4, 2007, when Mr. Chher was a Registered Representative with the Montréal branch of National Bank Direct Brokerage, an IIROC-regulated firm. IIROC began its investigation into Mr. Chher's conduct in August 2007. He 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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