TORONTO, July 4, 2017 /CNW/ - On June 20, 2017, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Garry Walter Bond.
Mr. Bond admitted that he facilitated two off book investments, made unsuitable recommendations and failed to know two clients.
Specifically, Mr. Bond admitted to the following violations:
(a) In October 2012, Bond facilitated two off book investment purchases for a client without disclosing these transactions to his Member firm, contrary to IIROC Dealer Member Rule 29.1;
(b) From 2010 to May 2015, Bond failed to use due diligence to learn and remain informed of the essential facts relative to two clients, contrary to IIROC Dealer Member Rule 1300.1(a); and
(c) From November 2010 to May 2015, Bond failed to use due diligence to ensure that recommendations were suitable for two clients, contrary to IIROC Dealer Member Rule 1300.1(q).
Pursuant to the Settlement Agreement, Mr. Bond agreed to the following penalties:
a) a fine in the amount of $20,000;
b) a two week suspension from registration with IIROC as a Registered Representative or Registered Representative Options; and
c) six months close supervision.
Mr. Bond also agreed to pay costs in the amount of $2,000.
The Settlement Agreement is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=24BB751BB7E64840B06E20173862DE06&Language=en
The Hearing Panel's decision 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. Bond's conduct in November 2014. The violations occurred while he was a Registered Representative Options and Vice President with Hampton Securities Inc. in Toronto. Mr. Bond has been employed with that firm since September 2003 in the same capacity. Hampton Securities Inc. is an IIROC regulated firm.
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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 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: Enforcement Contact: Elsa Renzella, Vice-President, Enforcement, 416 943-5877, [email protected]; Media Contact: Paul Howard, Director, Communications & Public Affairs, 416 646-7279, [email protected]