TORONTO, June 18, 2012 /CNW/ - Following a disciplinary hearing held
March 30, 2012, a Hearing Panel of the Investment Industry Regulatory
Organization of Canada (IIROC) found Darlene Catherine Ryan liable of
misappropriation of funds from five of her clients.
The panel's decision dated May 10, 2012 is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=46CF4DD7E7E04E4DBE62F6467DC3F891&Language=en.
Documents related to ongoing IIROC enforcement proceedings - including
Reasons and Decisions of Hearing Panels - are posted on the IIROC
website as they become available. Click here to search and access all IIROC enforcement documents.
Specifically, the panel found Ms. Ryan committed the following
(a) Between March 2005 and July 2010, Ms. Ryan misappropriated, on 31
separate occasions, approximately $1.5 million from five clients,
contrary to IIROC Dealer Member Rule 29.1 (IDA By-law 29.1 prior to
June 1, 2008).
The Hearing Panel imposed the following penalty on Ms. Ryan:
(a) a permanent bar on the Ms. Ryan's approval with IIROC; and
(b) a fine in the amount of $1,000,000.
Ms. Ryan is also required to pay costs in the amount of $7,500.
IIROC formally initiated the investigation into Ms. Ryan's conduct in
October 2010. The alleged violations occurred when she was a Registered
Representative with the Moncton, NB branch of Scotia Capital Inc., an
IIROC-regulated firm. Ms. Ryan is no longer a registrant with an
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.
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, permanent bars,
expulsion from membership, or termination of rights and privileges 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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information:
Vice President, Enforcement
Director, Public Affairs