Enforcement Notice - IN THE MATTER OF Scott Douglas Ford - Settlement Accepted

TORONTO, July 13, 2016 /CNW/ - On July  7, 2016, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Scott Douglas Ford.

Mr. Ford admitted that he failed to use due diligence to learn the essential facts relative to four clients, and failed to ensure that recommendations for two clients were suitable.

Specifically, Mr. Ford admitted to the following violation(s):

(a)	From October 2008 to June 2014, Mr. Ford failed to use due diligence to learn the essential facts relative to two clients, contrary to IIROC Dealer Member Rule 1300.1(a);
(b)	From October 2008 to June 2014, Mr. Ford failed to ensure that recommendations that he made for two clients were suitable for them, contrary to IIROC Dealer Member Rule 1300.1 (q); and
(c)	From February 2012 to December 2013, Mr. Ford failed to use due diligence to learn and remain informed of the essential facts relative to four clients and accounts accepted, contrary to IIROC Rule 1300.1(a).

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

(a)	A fine of $30,000;
(b)	Re-writing of the Conduct and Practices Handbook; and
(c)	Strict supervision for six months.

Mr. Ford also agreed to pay costs in the amount of $5,000.

The Settlement Agreement is available at:

http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=DD6B52AE85014978B0A9CA081E95CC34&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. Ford's conduct in October 2014. The conduct occurred while he was employed as a Registered Representative with the Richmond Hill Branch of Raymond James Ltd., an IIROC-regulated firm. Mr. Ford is currently employed as a Registered Representative at the Burlington branch of Aligned Capital Partners Inc., an IIROC Regulated firm.

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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, [email protected]; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, [email protected]