VANCOUVER, March 2, 2016 /CNW/ - Following a disciplinary hearing held on September 15, 2015, in Vancouver, B.C., a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Yu Qiong (Kevin) Li made unauthorized transactions in one client's account, made discretionary transactions in a number of client accounts, misrepresented those discretionary transactions as being "unsolicited" and refused to provide information required for an IIROC investigation into his conduct.
The Hearing Panel's decision dated January 29, 2016, is available at:
Specifically, the Hearing Panel found that Mr. Li committed the following violations:
(a) From July 2011 to October 2011, Mr. Li made unauthorized purchases and sales in a client account, contrary to IIROC Dealer Member Rule 29.1;
(b) On or about October 4, 2011, Mr. Li made discretionary trades in client accounts, contrary to IIROC Dealer Member Rule 1300.4;
(c) On or about October 4, 2011, Mr. Li made misrepresentations to his firm, contrary to IIROC Dealer Member Rule 29.1 by marking the trade tickets for sell orders in client accounts as "unsolicited" when he had used his discretion to make the transactions without the knowledge of his clients; and
(d) From November 2012 to August 2013, Mr. Li refused to provide information required for an IIROC investigation into his conduct, contrary to IIROC Dealer Member Rule 19.5.
A separate hearing will be held to determine the penalty to be imposed on Mr. Li, 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.
IIROC formally initiated the investigation into Mr. Li's conduct in March 2012. The violations occurred while he was a Registered Representative with a Richmond branch of TD Waterhouse Canada Inc., an IIROC-regulated firm. Mr. Li is no longer a registrant with 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 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, Manager, Media Relations, 416 865-3046, [email protected]