Enforcement Notice - Decision - IIROC Fines BMO Investment Advisor and Branch Manager Steven Henry Brophy

TORONTO, Dec. 3, 2018 /CNW/ - On November 21, 2018, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Steven Henry Brophy.

Mr. Brophy admitted that between March 2014 and June 2015, he failed to adequately supervise Graeme Robert Kirkland – contrary to Dealer Member Rule 38.4.

Pursuant to the Settlement Agreement, Mr. Brophy agreed to the following penalty:

(a)	A fine of $75,000;
(b)	To re-write the CSI Branch Managers Course examination; and
(c)	To attend a full day one-on-one training on new issues and conflict of interest supervision to be provided by BMO within 60 days of the acceptance of the settlement; evidence in writing of completion of this training shall be provided to IIROC

Mr. Brophy also agreed to pay costs in the amount of $5,000.

The Settlement Agreement is available at http://www.iiroc.ca/Documents/2018/3beeb528-b4ef-4a55-931a-bfd482cc002f_en.pdf.

The Hearing Panel's decision will be made available at www.iiroc.ca.

IIROC formally initiated the investigation into Mr. Brophy's conduct in April 2016.  The violations occurred while he was an Investment Advisor and Branch Manager with a Toronto branch of BMO Nesbitt Burns Inc., an IIROC-regulated firm. Mr. Brophy is still employed with BMO Nesbitt Burns Inc.

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.

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IIROC is the national self-regulatory organization which oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian 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 debt and 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

Enforcement Contact: Charles Corlett, Director, Enforcement Litigation, 416 646-7253, [email protected]; Media Contact: Andrea Zviedris, Manager, Media Relations, 416 943-6906, [email protected]

Related Links

www.iiroc.ca