VANCOUVER, June 3 /CNW/ - The British Columbia Securities Commission has
set aside a permanent ban that the Investment Industry Regulatory Organization
of Canada (IIROC) imposed on a former registrant who failed to disclose a
criminal charge in registration documents.
In 2004, an IIROC panel found that Kianosh Rahmani breached two bylaws
when he did not disclose that he was subject to a criminal charge on
registration renewal and application forms. The panel found that Rahmani
demonstrated a "callous disregard" in completing the forms and ordered that he
be permanently prohibited from approval to act in any registered capacity with
any IIROC member. He was also fined and ordered to pay costs.
Rahmani did not dispute the IIROC panel decision or the fines and costs.
Instead, he asked a commission panel to substitute for the permanent ban a
suspension of no longer than five years.
In setting aside the IIROC panel's decision, the commission panel said
that the cases IIROC presented to support the ban involved conduct more
serious than Rahmani's and none of the respondents in these decisions were
permanently banned. The BCSC panel also said that neither Rahmani's misconduct
nor his criminal conviction "evidences behaviour that would call into question
his ability to competently and honestly perform his duties as a registrant."
The BCSC panel said it did not make any further orders against Rahmani
since the expiry date for a suspension that would have been reasonable under
the circumstances has passed.
IIROC was known as the Investment Dealers Association of Canada (IDA) at
the time of the decision.
The B.C. Securities Commission is the independent provincial government
agency responsible for regulating trading in securities within the province.
You may view the decision on our website www.bcsc.bc.ca by typing in the
search box, Kianosh Rahmani or 2009 BCSECCOM 279. If you have questions,
contact Ken Gracey, media relations, 604-899-6577.
Learn how to avoid investment fraud at the BCSC's investor education
For further information:
For further information: Ken Gracey, (604) 899-6577 or (Canada)