VANCOUVER, Jan. 30, 2014 /CNW/ - The liability and penalty decisions of a Hearing Panel of the Investment Industry Regulatory Organization of Canada ("IIROC"), dated October 6, 2011 and July 4, 2012, in the matter of Carolann Steinhoff were reviewed by the British Columbia Securities Commission (the "BCSC") on February 26 - 27, 2013 and December 16, 2013.
The BCSC released a decision on January 15, 2014, in which it ordered Ms. Steinhoff to:
(a) pay a fine of $100,000;
(b) pay costs of $20,000; and
(c) pay disgorgement of commissions of $6,813.
The BCSC had released an earlier decision on August 7, 2013, in which it confirmed the IIROC panel's finding that Ms. Steinhoff made and implemented investment recommendations that were not suitable for her clients' investment objectives at the time of their investment. In that same decision the BCSC set aside the IIROC panel's finding that Ms. Steinhoff knowingly made false statements to her firm.
The BCSC's decision dated January 15, 2014 is available at:
The BCSC's decision dated August 7, 2013 is available at:
The IIROC liability decision dated October 6, 2011 is available at:
The IIROC penalty decision dated July 4, 2012 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
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