Enforcement Notice - IN THE MATTER OF James Wood - Discipline decision - Liability

TORONTO, Dec. 22, 2016 /CNW/ - Following a disciplinary hearing held on October 18, 2016, in Charlottetown, Prince Edward Island, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that James Wood failed to ensure that recommendations made for a client were suitable and failed to ensure that the client qualified as an accredited investor.

The Hearing Panel's decision dated December 6, 2016, is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=B429112FCEA240DF982E7DB305ED6A8C&Language=en

Specifically, the Hearing Panel found that Mr. Wood committed the following violations:  


During 2010 and 2011, James Wood failed to use due diligence  to learn and remain informed of the essential facts relative to his client, contrary to IIROC Dealer Member Rule 1300.1 (a);


Between 2010 and 2013, James Wood failed to ensure that recommendations made for his client's accounts were suitable, contrary to IIROC Dealer Member Rule 1300 (q); and


In 2010, James Wood failed to use due diligence to ensure that his client qualified as an accredited investor in accordance with the provisions of National Instrument 45-106 before facilitating the purchase of securities offered pursuant to prospectus exemptions, contrary to IIROC Dealer Member Rule 1300.1(a).


A separate hearing will be held to determine the penalty to be imposed on Mr. Wood, 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.

IIROC formally initiated the investigation into Mr. Wood's conduct in November 2014. The violations occurred while he was a Registered Representative with the Charlottetown, PEI branch of Citadel Securities Inc., an IIROC-regulated firm.   Mr. Wood is no longer a registrant with an IIROC-regulated firm.

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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

For further information: Enforcement Contact: Elsa Renzella, Vice-President, Enforcement, 416 943-5877, erenzella@iiroc.ca; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, karcher@iiroc.ca


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