CALGARY, July 12, 2012 /CNW/ - A hearing has been scheduled before a
Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC) in the matter of Ravindra Kumar Suppal.
The hearing concerns allegations Mr. Suppal failed in his "know your
client" obligations, failed to ensure recommendations were suitable for
his clients, and made unauthorized trades.
The hearing is open to the public, unless the Hearing Panel orders
otherwise. The decision of the panel will be made available at www.iiroc.ca.
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.
10:00 a.m., October 9-12, 2012
350 St. Mary Avenue
Specifically, the allegations are:
From June 2005 to April 2010, Mr. Suppal failed to use due diligence to
learn and remain informed of the essential facts relative the First
Nation band's Trust, contrary to Rule 1300.1(a) (IDA Regulations
1300.1(a) prior to June 1, 2008);
From May 2007 to April 2010, Mr. Suppal made unsuitable trades in the
account of the First Nation band's Trust, contrary to Rule 1300.1(q)
(IDA Regulations 1300. (q) prior to June 1, 2008);
From September 2009 to April 2010, Mr. Suppal made unauthorized trades
in the account of the First Nation band's Trust, contrary to Rule 29.1.
IIROC formally initiated the investigation into Mr. Suppal's conduct in
September 2010. The alleged violations occurred while he was a
Registered Representative, and later a Branch Manager, with the
Winnipeg branch of First Financial Securities Inc., an IIROC-regulated
firm. Mr. Suppal is still Branch Manager with First Financial
The Notice of Hearing which sets out the allegations is available at
* * *
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, Western Canada
Director, Public Affairs