MONTRÉAL, June 12, 2013 /CNW/ - A penalty hearing was originally
scheduled before a Hearing Panel of the Investment Industry Regulatory
Organization of Canada (IIROC), in the matter of Roger Michael Biduk
for June 13, 2013. The hearing was adjourned to a later date. A
Notice/News Release will be published as soon as a new date for the
penalty hearing is known.
The Hearing Panel will consider the penalty to be imposed as a result of
its decision dated April 23, 2013, which found that Mr. Biduk acted
contrary to IIROC Rules. The Hearing Panel found that Mr. Biduk had
failed to properly define the investment objectives and risk tolerance
of certain of his clients, most of whom were retired or approaching
retirement. He also recommended bold and speculative trading strategies
that were inappropriate to his clients' personal and financial
circumstances, which resulted in substantial losses.
The Hearing Panel's liability decision is available at http://www.iiroc.ca/Documents/2013/158a2389-6ca4-4ba9-96c3-10cef5d29c19_en.pdf
The penalty hearing is open to the public, unless the Hearing Panel
orders otherwise. The decision of the Hearing 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.
IIROC formally initiated the investigation into Mr. Biduk's conduct in
September 2008. The violations occurred when Mr. Biduk was a Registered
Representative with the Hudson branch of Union Securities Limited, an
IIROC-regulated firm. Mr. Biduk is no longer a registrant with an
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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:
Senior Media and Public Affairs Specialist