TORONTO, Jan. 18, 2012 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a Settlement Agreement between IIROC staff and Karen Elizabeth Abbott.
In the agreement, Ms. Abbott agreed to the following violation:
|(a)||In June and July 2011, she forged the signatures of more than 40 clients on certain account opening documents, transfer documents and letter instructions, contrary to IIROC Rule 29.1.|
Pursuant to the Settlement Agreement, Ms. Abbott agreed to the following penalty:
|(a)||A suspension from approval in any registered capacity with IIROC for a period of six months;|
|(b)||A fine payable to IIROC in the amount of $25,000; and|
|(c)||A requirement that she successfully complete the Conduct and Practices Handbook Course (CPH) prior to seeking re-registration.|
Ms. Abbott also agreed to pay costs in the amount of $3,500.
The Settlement Agreement is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=30F97F495D9C44A18AB29AE5CCC1ADBC&Language=en and the Hearing Panel's Decision and Reasons for acceptance 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. Abbott's conduct in August 2011. The violation occurred when she was a Registered Representative with the London, Ontario branch of Manulife Securities Inc., an IIROC-regulated firm. Ms. Abbott is no longer a registrant with an IIROC-regulated firm.
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.
IIROC Notice 12-0018 Enforcement Notice/News Release - In the Matter of Karen Elizabeth Abbott - Settlement Accepted
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