MONTRÉAL, May 8, 2013 /CNW/ - Following a disciplinary hearing held on
October 16 and 17, 2012, in Montréal, Québec, a Hearing Panel of the
Investment Industry Regulatory Organization of Canada (IIROC), found
that Roger Michael Biduk incorrectly defined the investment objectives
and risk tolerance of certain clients, most of whom were retired or
nearing retirement. He also recommended aggressive and speculative
investment strategies, which were incompatible with his clients'
personal and financial circumstances and which entailed substantial
The Hearing Panel's decision dated April 23, 2013 is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=158A23896CA44BA996C310CEF5D29C19&Language=en.
Specifically, the Hearing Panel found that Mr. Biduk committed the
Between February 2006 and May 2008, Mr. Biduk failed to know many of his
clients, and to define their investment objectives and risk tolerance
according to the personal and financial circumstances of each client,
contrary to IDA Regulation 1300.1 (a);
Between February 2006 and May 2008, Mr. Biduk failed to exercise due
diligence by recommending to many of his clients a high-risk trading
strategy that was inappropriate to his clients' personal and financial
circumstances, contrary to IDA Regulation 1300.1 (q).
A separate hearing will be held to determine the penalty to be imposed
on Mr. Biduk, 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.
IROC formally initiated the investigation into Mr. Biduk's conduct in
September 2008. The violations occurred when Mr. Biduk was a Registered
Representative with the Hudson branch of Union Securities Ltd., an
IIROC-regulated firm. Mr. Biduk is no longer a registrant with an
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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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Senior Media and Public Affairs Specialist