TORONTO, July 17, 2013 /CNW/ - Following a penalty hearing held on June
18, 2013, a Hearing Panel of the Investment Industry Regulatory
Organization of Canada (IIROC) imposed the following penalties on John
(a) A six-month suspension from registration in any capacity with
(b) A fine of $20,000 for each of the three counts for a total of
(c) Strict supervision for 12 months upon re-registration with IIROC in
any capacity; and
(d) A requirement to rewrite the Conduct and Practices Handbook upon
re-registration with IIROC in any capacity.
Mr. Brodie is also required to pay costs in the amount of $20,000.
The penalty decision can be found at:
In an earlier decision dated March 22, 2013, the Hearing Panel found
that Mr. Brodie acted contrary to IIROC Rules in that he made
unsuitable investment recommendations, effected discretionary trades
and personally compensated clients for account losses. The decision on
Liability can be found 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.
IIROC formally initiated the investigation into Mr. Brodie's conduct in
March 2011. The violations occurred when he was a Registered
Representative with the Halifax branch of Canaccord Capital Corp. (now
Canaccord Genuity Corp.), an IIROC-regulated firm. Mr. Brodie is
currently a Registered Representative with the Dartmouth branch of
Global Maxfin Capital Inc., an IIROC-regulated firm.
* * *
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:
Vice President, Enforcement
Senior Media and Public Affairs Specialist