VANCOUVER, Jan. 16, 2012 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a Settlement Agreement between IIROC staff and Catherine Deborah Jones. In the Settlement Agreement, Ms. Jones admitted that she guaranteed a client account and that she placed discretionary trades.
Specifically, Ms. Jones admitted to the following violations:
|(a)||In November 2007, she offered to guarantee an initial investment made by her client in May 2007, contrary to IIROC Dealer Member Rule 29.1 (formerly IDA By-law 29.1).|
|(b)||In March 2008 and June 2008, she effected discretionary orders for the account of her client, without having her client's prior written authorization and without the account having been designated and approved as a discretionary account by her then employer Leede Financial Markets Inc., contrary to IIROC Dealer Member Rules 1300.4 and 1300.5 (formally IDA Regulations 1300.4 and 1300.5).|
Pursuant to the agreement, Ms. Jones has agreed to the following penalty:
|(a)||A $22,500 fine;|
|(b)||A 6 month period of close supervision; and|
|(c)||Successful completion of the Conduct and Practices Handbook Course by July 6, 2012.|
She also agreed to pay $1,000 in costs to IIROC.
The Settlement Agreement is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=23B7F6A9EFFD4DAC826E26276AAD51DF&Language=en. The panel's Decision and Reasons for acceptance of the agreement 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 Ms. Jones' conduct in January 2009. The violations occurred when she was a Registered Representative with the Vancouver, BC branch of Leede Financial Markets Inc., an IIROC-regulated firm. Ms. Jones is currently a Registered Representative with the Vancouver head office of Union Securities Ltd.
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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.
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