Enforcement Notice - IN THE MATTER OF Thomas William Dunn and Gordon Joseph Wimble - Discipline Hearing
CALGARY, Jan. 15, 2015 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Thomas William Dunn and Gordon Joseph Wimble.
The hearing concerns allegations that Mr. Dunn failed in his Know Your Client (KYC) obligations with respect to two clients, and made unsuitable recommendations for the same two clients.
The hearing also concerns allegations that Mr. Wimble, the Branch Manager at the time, failed in his supervisory duties regarding Mr. Dunn's handling of the accounts of the two clients.
The hearing is open to the public, unless the Panel orders otherwise. The decision of the Hearing Panel 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.
| Hearing Date: |
April 20 – 24, 2015 at 10:00 a.m. |
| Location: |
Delta Winnipeg Hotel |
| 350 St. Mary Avenue, Winnipeg, MB |
|
| Westminster Room |
Specifically, the allegations are that:
| Thomas Dunn |
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| Count 1 |
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| Between April 2009 and December 2010, Thomas Dunn failed to use due diligence to learn and remain informed of the essential facts relative to one of his clients, contrary to Dealer Member Rule 1300.1(a); |
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| Count 2 |
|
| Between April 2009 and December 2010, Thomas Dunn made unsuitable recommendations in the accounts of one of his clients, contrary to Dealer Member Rule 1300.1(q); |
|
| Count 3 |
|
| Between April 2009 and December 2010, Thomas Dunn failed to use due diligence to learn and remain informed of the essential facts relative to one of his clients, contrary to Dealer Member Rule 1300.1(a); |
|
| Count 4 |
|
| Between April 2009 and December 2010, Thomas Dunn made unsuitable recommendations in the accounts of one of his clients, contrary to Dealer Member Rule 1300.1(q); and |
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| Gordon Wimble |
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| Count 5 |
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| Between June 2009 and December 2010, Gordon Wimble failed to properly supervise Registered Representative Thomas Dunn in the handling of the accounts of the two clients, contrary to IIROC Dealer Member Rules 38.4 (a) and 2500. |
IIROC formally initiated the investigation into Mr. Dunn's conduct in August 2011. The alleged violations occurred while he was a Registered Representative with the Winnipeg branch of CIBC World Markets Inc., an IIROC-regulated firm. Mr. Dunn is still employed at CIBC World Markets Inc., as a Registered Representative.
IIROC formally initiated the investigation into Mr. Wimble's conduct in May 2012. The alleged violations occurred while he was a Branch Manager with the Winnipeg branch of CIBC World Markets Inc., an IIROC-regulated firm. Mr. Wimble is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=F0B1CD03555146B7818B8CABF0CE199F&Language=en.
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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
For further information: Enforcement Contact: Warren Funt, Vice President, Western Canada, 604 331-4750, [email protected]; Media Contact: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, [email protected]
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