Enforcement Notice - IN THE MATTER OF John Donnelly - Settlement Accepted

TORONTO, July 5, 2016 /CNW/ - On June 8, 2016, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and John Donnelly.

Mr. Donnelly admitted that he failed to adequately supervise a Registered Representative at his branch.

Specifically, Mr. Donnelly admitted to the following violation:


From May to November 2010, Mr. Donnelly as Branch Manager failed to adequately supervise a Registered Representative and the accounts of a client, contrary to IIROC Dealer Member Rules 1300.2 and 2500.


Pursuant to the Settlement Agreement, Mr. Donnelly agreed to the following penalties:


A fine of $30,000; and


A suspension from acting in a supervisory capacity for one year from the date of the acceptance of the settlement agreement.


 Mr. Donnelly also agreed to pay costs in the amount of $1,500.

The Settlement Agreement is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=F07880C7EAA048659737C6B7FD40A04C&Language=en

The Hearing Panel's decision 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. Donnelly's conduct in March 2013.  The conduct occurred while he was employed as a Branch Manager with a Toronto Branch of Raymond James Ltd., an IIROC-regulated firm.  Mr. Donnelly is still employed as a Registered Representative at the same branch of Raymond James Ltd.

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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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