TORONTO, Oct. 27, 2016 /CNW/ - Following a disciplinary hearing held on September 16, 2016, in Toronto, Ontario, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Roland Papp maintained multiple brokerage accounts outside of his Dealer Member firm, without the knowledge or consent of the Dealer Member firm and that he made untrue and misleading statements in an attempt to conceal his misconduct.
The Hearing Panel's decision dated October 20, 2016, is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=2BC8CDEE292B4A4182C114383FB5D7D1&Language=en
Specifically, the Hearing Panel found that:
(a) Between February 2005 and June 2014, Mr. Papp maintained brokerage accounts outside of his Dealer Member, without the knowledge or consent of his Dealer Member, contrary to IIROC Dealer Member Rule 29.1; and
(b) Between February 2005 and June 2014, Mr. Papp made untrue and misleading statements to his Dealer Member as well as to the other Dealer Members at which he maintained brokerage accounts, contrary to IIROC Dealer Member Rule 29.1.
A separate hearing will be held to determine the penalty to be imposed on Mr. Papp, 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. Papp's conduct in December 2014. The violations occurred while he was a Registered Representative with the Toronto, Ontario branch of RBC Dominion Securities Inc., an IIROC-regulated firm. Mr. Papp 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 supporting healthy Canadian 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: Elsa Renzella, Vice-President, Enforcement, 416 943-5877, [email protected]; Media Contact: Karen Archer, Manager, Media Relations, 416 865-3046, [email protected]