CALGARY, May 12 /CNW/ - A Hearing Panel of the Investment Industry
Regulatory Organization of Canada (IIROC) has approved a Settlement
Agreement, with sanctions, between IIROC staff and Donald Dean
With this agreement, Mr. Mackenzie admits that he entered orders that he knew or ought
reasonably to have known would create or could reasonably be expected
to create an artificial bid price, contrary to the Universal Market
Integrity Rules (UMIR).
Mr. Mackenzie has agreed to a penalty consisting of a $20,000 fine and a
three-month prohibition from seeking re-registration approval with an
IIROC-regulated firm. Mr. Mackenzie also agrees to pay $5,000 in costs
Specifically, Mr. Mackenzie admits to entering orders on the Toronto
Stock Exchange for a particular stock without any intention that the
orders would be executed, and which he knew or ought to have known
would create an artificial bid price, contrary to UMIR Part 2.2(2)(b) and Policy 2.2. The high closing bids were artificial as they misrepresented the
performance and actual demand for the stock. At the time, 87 of Mr.
Mackenzie's clients held shares in that particular stock. Mr. Mackenzie
also had personal and non-arm's length accounts in which he had a
beneficial interest in that particular stock.
IIROC began the investigation into Mr. Mackenzie's conduct in March of
2009. The violations occurred when he was a Registered Representative
with the Lethbridge branch of RBC Dominion Securities Inc., an
IIROC-regulated firm. He is no longer a registrant with an
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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
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