TORONTO, May 8, 2015 /CNW/ - An appearance has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) for the purpose of setting a date for the disciplinary hearing in the matter of Robert Adrian Crandall.
The discipline hearing concerns allegations that Mr. Crandall engaged in excessive trading, unauthorized discretionary trading and made unsuitable recommendations.
The set date appearance is open to the public, unless the Hearing Panel orders otherwise. The date for the discipline hearing 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.
Set Date Appearance:
May 22, 2015 at 9:30 a.m.
Via Conference Call:
Toll Free Dial In: 1-866-234-0247
Specifically, the allegations are that:
Count 1: Between July 2006 and June 2012, Mr. Crandall engaged in excessive trading in the accounts of a client which was not within the bounds of good business practices and was unsuitable for the client, contrary to IIROC Dealer Member Rules 1300.1(o) and (q) (IDA Regulations 1300.1 (o) and (q) prior to June 1, 2008);
Count 2: Between July 2006 and June 2012, Mr. Crandall engaged in unauthorized discretionary trading in the accounts of a client, without the accounts first having been approved as discretionary accounts, contrary to Dealer Member Rule 1300.4 (IDA by-law 1300.4 prior to June 1, 2008); and
Count 3: Between July 2007 and October 2010, Mr. Crandall made unsuitable recommendations for the accounts of a client, contrary to Dealer Member Rule 1300.1(q) (IDA by-law 1300.1(q) prior to June 1, 2008).
IIROC formally initiated the investigation into Mr. Crandall's conduct in July 2013. The alleged violations occurred while he was a Registered Representative with the Fredericton, New Brunswick branch of Wellington West Capital Inc. and its successor National Bank Financial, both IIROC-regulated firms at the relevant times. Mr. Crandall is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at:
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IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive 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: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, [email protected]