TORONTO, March 19, 2012 /CNW/ - Following a disciplinary hearing held on March 6, 2012, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found Terry Norman Dyck liable for failing to use due diligence to learn the essential facts relating to leveraged exchange-traded funds he recommended to his clients, and failing to ensure they were suitable for his clients.
Specifically, the panel found that Mr. Dyck committed the following violations:
From about January to December 2009, Mr. Dyck, while a registered representative:
|(i)||failed to use due diligence to learn and remain informed of the essential facts relative to every order accepted, contrary to IIROC Dealer Member Rule 1300.1(a); and|
|(ii)||failed to use due diligence to ensure recommendations were suitable for his clients, contrary to IIROC Dealer Member Rule 1300.1(q).|
The panel imposed the following penalty on Mr. Dyck:
|(a)||a $20,000 fine; and|
|(b)||that he not be registered in any capacity with IIROC for seven years from the date of this decision.|
Mr. Dyck is also required to pay costs in the amount of $2,500.
The panel's written decision 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. Dyck's conduct in June 2010. The violations occurred when he was a registered representative with the Thunder Bay branch of Wellington West Capital Inc., an IIROC-regulated firm. Mr. Dyck 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 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.
For further information: