VANCOUVER, Jan. 31, 2014 /CNW/ - On December 16, 2013, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Marc Roger Latta.
Mr. Latta admitted to providing financial compensation to his client for losses in his client's account, without the knowledge or approval of his firm. Mr. Latta has already received the following sanctions from his firm:
|(a)||A fine in the amount of $15,000;|
|(b)||Rewrite of the Conduct and Practices Handbook exam; and|
|(c)||A period of close supervision for six months.|
Pursuant to the Settlement Agreement, Mr. Latta agreed to the following sanctions:
|(a)||A fine in the amount of $10,000.|
Mr. Latta also agreed to pay costs in the amount of $2,000.
The Settlement Agreement is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=CABB890999D34B3CBBA25E8E2A87817F&Language=en
and the Hearing Panel's decision dated January 20, 2014 is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=B411DE0BE3D4438AA434D53C48676800&Language=en.
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. Latta's conduct in December 2012. The violations occurred when he was a Registered Representative with the Vancouver branch of Raymond James Ltd., an IIROC-regulated firm. Mr. Latta is still within the industry in a registered capacity, and is currently working as a Registered Representative at the Vancouver branch of Raymond James Ltd.
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
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