Penalty hearing in the matter of Brian Michael Sutton
TORONTO, Oct. 25, 2017 /CNW/ - A penalty hearing was originally scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Brian Michael Sutton on October 19, 2017. The penalty hearing was adjourned to November 16, 2017.
The Hearing Panel will consider the penalty to be imposed as a result of their decision dated July 5, 2017, which found that Mr. Sutton acted contrary to Dealer Member Rule 38.6(c). Mr. Sutton was found to have failed to ensure that proprietary fund products offered by First Leaside Securities Inc. were properly priced on client account statements.
The hearing is open to the public, unless the Hearing Panel orders otherwise. The decision of the Hearing Panel 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.
Hearing Date: November 16, 2017 at 10:00 a.m.
Location: IIROC British Columbia Room, 121 King Street West, Suite 2000, Toronto, ON
IIROC formally initiated the investigation into Mr. Sutton's conduct in May 2013. The violation occurred while he was the CFO with First Leaside Securities Inc., formerly an IIROC-regulated firm. Mr. Sutton is no longer a registrant with an IIROC-regulated firm.
The Hearing Panel's liability decision is available at: Sutton (Re), 2017 IIROC 35
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
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]