CALGARY, Jan. 15, 2014 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Brian Andrew Malley and Christine Marie Malley.
The hearing concerns allegations that Brian Andrew Malley has failed to cooperate with an IIROC investigation, failed to know the essential facts relative to twelve of his clients, made unsuitable recommendations to ten clients, and made discretionary trades in the accounts of seven clients, without having the accounts approved as discretionary accounts.
The hearing also concerns allegations that Christine Marie Malley has failed to cooperate with an IIROC investigation and failed to exercise her supervisory responsibilities with respect to the accounts of twelve clients.
The hearing is open to the public, unless the Panel orders otherwise. The decision of the Hearing Panel will be made available at www.iiroc.ca.
The hearing was originally scheduled to take place on February 10 – 14, 2014. However, the Hearing Date was subsequently changed.
March 3 - 5, 2014 – at 10:00 a.m.
Sutton Place Hotel, Northcote Room
Specifically, the allegations are that:
Brian Andrew Malley ("Malley")
- Since November 2012, Malley has failed to cooperate with an IIROC investigation, contrary to Dealer Member Rule 19.5;
- Between approximately 2005 and 2012, Malley failed to use due diligence to learn and remain informed of the essential facts relative to twelve clients, contrary to IIROC Rule 1300.1(a) [IDA Regulation 1300.1(a) prior to June 1, 2008];
- Between approximately 2008 and 2012, Malley made investment recommendations that were unsuitable for ten clients, contrary to IIROC Rule 1300.1(q) [IDA Regulation 1300.1(q) prior to June 1, 2008)]; and
- Between approximately 2009 and 2012, Malley made discretionary trades in the accounts of seven clients without first having the accounts approved and accepted as discretionary accounts, contrary to IIROC Dealer Member Rule 1300.4.
Christine Marie Malley ("Christine Malley")
- Since November 2012, Christine Malley has failed to cooperate with an IIROC investigation, contrary to Dealer Member Rule 19.5; and
- Between approximately 2005 and 2012, while the Branch Manager at Assante Capital Management Inc., Christine Malley failed to exercise her supervisory responsibilities with respect to the accounts of twelve clients, contrary to IIROC Dealer Member Rules 38.4(a) and 2500 [IDA Regulation 1300.2 and Policy No. 2 prior to June 1, 2008].
IIROC formally initiated the investigation into the conduct of Brian and Christine Malley in May 2012. The alleged violations occurred when he was a Registered Representative and she was a Branch Manager with the Red Deer branch of Assante Capital Management Ltd., an IIROC-regulated firm. Brian and Christine Malley are no longer registrants with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at:
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 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: Warren Funt, Vice President, Western Canada, 604 331-4750, [email protected]; Media Contact: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, [email protected]