VANCOUVER, April 24, 2013 /CNW/ - Following a penalty hearing held on November 27, 2012, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), imposed the following penalty on Marco Myatovic and Doreen Lowe:
|a)||As against Mr. Myatovic - a fine of $500,000 and a permanent ban from registration in any capacity; and|
|b)||As against Ms. Lowe - a fine of $100,000 and a three-year ban from registration in any capacity. Upon any return to the industry, Ms. Lowe must also complete the CPH course, and be subject to one year of strict supervision followed by one year of close supervision.|
The penalty decision released on April 12, 2013 can be found at:
In an earlier decision dated July 31, 2012, the Hearing Panel found that Mr. Myatovic and Ms. Lowe failed in their roles as gatekeepers by facilitating manipulative or suspicious trading activity in several client accounts, thereby engaging in conduct unbecoming. The decision on Liability can be found at:
IIROC formally initiated the investigation into Mr. Myatovic's conduct in August 2008 and Ms. Lowe's conduct in February 2009. The violations occurred when Mr. Myatovic was a Registered Representative with the Prince George, B.C. office of Canaccord Capital Corp. (now Canaccord Genuity Corp.) and when Ms. Lowe was a Registered Representative with the Vancouver, B.C. office of Research Capital Corporation (now Mackie Research Corporation). Mr. Myatovic is no longer a registrant with an IIROC-regulated firm. Ms. Lowe is an IIROC registrant at the Vancouver office of Global Securities Corporation.
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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