TORONTO, Jan. 28, 2016 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Jeremy Nicholas Drew Austin.
The hearing concerns allegations that Mr. Austin failed to use due diligence to ensure that recommendations were suitable for four of his clients, engaged in unauthorized trading in a client's account, and that he refused and failed to attend and give information in respect of an investigation being conducted by IIROC Staff.
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.
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.
Wednesday, March 16, 2016 at 10:00 a.m.
IIROC Office, British Columbia Room,
121 King Street West, Suite 2000,
Specifically, the allegations are that:
Between May 2009 and June 2013, Mr. Austin failed to use due diligence to ensure that recommendations were suitable for four of his clients, contrary to Dealer Member Rule 1300.1(q);
Between May 2009 and April 2012, Mr. Austin engaged in unauthorized trading in the account of a client, contrary to Dealer Member Rule 29.; and
Commencing on or about August 26, 2015, Mr. Austin refused and failed to attend and give information in respect of an investigation being conducted by IIROC Staff, contrary to IIROC Dealer Member Rule 19.5.
IIROC formally initiated the investigation into Mr. Austin's conduct in April 2015. The alleged violations occurred while he was a Registered Representative with the London, Ontario branches of Edward Jones and then Manulife Securities, both IIROC-regulated firms. Mr. Austin 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 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 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, Manager, Media Relations, 416 865-3046, [email protected]