TORONTO, Jan. 26, 2018 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Aidin Sadeghi entered orders in the pre-opening session on the TSX that he did not intend to execute. This is following a disciplinary hearing held over three weeks in March 2017.
The Hearing Panel's reasons for the decision on liability, dated January 4, 2018, is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=43D7B902F6DF493C8C1A2224F06C11E5&Language=en
Specifically, the Hearing Panel found that Mr. Sadeghi committed the following violation:
- Between December 2012 and January 2013, Mr. Sadeghi, while employed as a proprietary trader at W.D. Latimer Co. Ltd., entered orders that he knew, or ought reasonably to have known, would create, or could reasonably be expected to create, a false or misleading appearance of trading activity in or interest in the purchase or sale of the securities, contrary to Universal Market Integrity Rule ("UMIR") 2.2(2) and UMIR Policy 2.2, for which he is liable under UMIR 10.4(1).
IIROC formally initiated the investigation into Mr. Sadeghi's conduct in May 2013. The violations occurred while he was a registered representative and proprietary trader with W.D. Latimer Co. Ltd., an IIROC-regulated firm. Mr. Sadeghi is currently employed with W.D. Latimer Co. Ltd.
A separate hearing will be held to determine the penalty to be imposed on Mr. Sadeghi, the date of which 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.
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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
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