IIROC announces settlement with Gary John Williamson

TORONTO, Feb. 28 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a Settlement Agreement, with sanctions, between IIROC staff and Gary John Williamson.

In this agreement, Mr. Williamson entered orders to purchase securities with the intention of establishing an artificial bid price, thereby improving the performance of an inventory account for which he was responsible.

Mr. Williamson agrees to a $40,000 fine and to pay $5,000 in costs. The penalty also includes a six-month suspension from access to an IIROC-regulated marketplace.

Specifically, Mr. Williamson admits he entered numerous late bid orders on the TSX Venture Exchange. The closing bid orders improved the daily profit and loss position of his inventory account, which factored into the calculation of his monthly compensation. Mr. Williamson knew or ought reasonably to have known that his late-day orders would create an artificial bid price, contrary to UMIR 2.2(2)(b) and UMIR Policy 2.2, for which he is liable under UMIR 10.4(1).

IIROC began its formal investigation into Mr. Williamson's conduct in November 2008. The violations occurred between January 1, 2008 and February 29, 2008 while he was a Trader with Global Maxfin Capital Inc., an IIROC-regulated firm. Mr. Williamson is no longer registered 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:

Jeff Kehoe
Vice President, Enforcement                    
Elsa Renzella
Director, Enforcement Litigation


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