TORONTO, Sept. 1, 2011 /CNW/ - A hearing has been scheduled before a
Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC) to set a date in the matter of Peter Michael Deeb.
The proposed discipline hearing concerns allegations that Mr. Deeb co-mingled client and pro orders, allocating the trades
only when the price of securities was known, which permitted him to
profit at the expense of his clients and was in violation of client
priority. It is also alleged that he failed to maintain a proper
system of books and records, engaged in free riding and failed to
provide access to regulatory staff to certain books and records.
The set date hearing is open to the public, unless the panel orders
otherwise. The date for the discipline hearing will be made available
Set Date Hearing:
September 20, 2011, 10:00 am
JPR Meeting Rooms
390 Bay Street, 3th Floor, Hearing Room C
Specifically, the allegations are that:
On or about October 28 and 29, 2009, Mr. Deeb commingled client and pro
orders, allocated trades after the close of business when the price of
securities was known and, in so doing: (a) profited at the expense of
his clients and (b) failed to ensure client priority, thereby engaging
in conduct unbecoming, contrary to IIROC Dealer Member Rule 29.1.
From about November 12, 2008 to December 11, 2009, Mr. Deeb failed to
keep and maintain at all times a proper system of books and records,
contrary to IIROC Dealer Member Rule 17.2, Dealer Member Rule 200 and National Instrument 31-103 which thereby permitted him to engage in
the type of conduct described in Count 1.
Between February 1, 2009 and April 30, 2009, and again between December
2009 and May 2010, Mr. Deeb engaged in the practice commonly known as
"free-riding" in that securities were purchased without sufficient cash
in the relevant accounts and no attempt was made to properly settle the
securities transactions, and thereby engaged in conduct unbecoming,
contrary to IIROC Dealer Member Rule 29.1.
In or about July 2011, Mr. Deeb refused to provide access to certain
books and records maintained by Hampton Securities Limited despite a
request by IIROC staff, and thereby violated IIROC Dealer Member Rule 19.6.
IIROC began investigating into Mr. Deeb's conduct in December 2009. The
allegations occurred when he was a Registered Representative and the
Ultimate Designated Person (UDP) at Hampton Securities Limited, an
IIROC-regulated firm. He is currently registered with Hampton
* * *
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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