TORONTO, Aug. 14, 2019 /CNW/ - Bardya Ziaian categorically denied the allegations made by IIROC in its statement of allegations just released.
"I am very disappointed that IIROC has proceeded with what I believe to be unfounded allegations. The conduct of BBS Securities and myself was consistent with common practice in the securities industry and most importantly, clients were always treated fairly and properly. IIROC lumps together larger transactions trading below the issue price (more Pro weighted) with smaller transactions trading at or above the issue price (more Retail weighted) and incorrectly and unfairly refers to volume of trading to suggest that because the percentage of Retail trading was not the majority, this reflects that there was no intention of giving allocation to Retail. This allegation is completely without merit. In 2015, IIROC incorrectly put BBS Securities in capital deficiency of more than 50 million dollars related to new issue business, realizing their mistake months later after the damage was done. IIROC then did nothing in its investigation of this matter for over 3 years, bringing these allegations forward on the eve of the expiry of a limitation period."
Joseph Groia, of Groia & Company, counsel to Mr. Ziaian, stated that "there was at least one large IIROC Dealer Member who specifically permitted pros to participate in new issues, taking the shares at the draw down price, at that time and into 2015. We are not aware of any regulatory action having been taken in response to that conduct".
"I am prepared to vigorously defend these allegations and look forward to being fully exonerated", said Mr. Ziaian.
SOURCE Bardya Ziaian
For further information: media should contact: Joseph Groia, Groia & Company, 416-203-4472