Enforcement Notice - Decision - IIROC Sanctions Former London Investment Advisor Sean Michael Nother

TORONTO, July 20, 2020 /CNW/ - Following a penalty hearing held on June 23, 2020, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following penalty on Sean Michael Nother:

(a)  A suspension from approval by, or registration with IIROC for 22 months, from January 16, 2019 until November 16, 2020; and

(b)  Payment of a fine in the amount of $20,000.

Mr. Nother is also required to pay costs in the amount of $15,000.

The penalty decision can be found at:
http://www.iiroc.ca/documents/2020/3ffa42b7-0724-4632-8848-2c57a0a9a5fe_en.pdf

Mr. Nother admitted liability for the following contravention:

(a)  Between May and August 2018, Mr. Nother breached the standards of conduct when he was involved with, and involved clients and non-clients in, a gifting club, contrary to Consolidated Rule 1400.

IIROC formally initiated the investigation into Mr. Nother's conduct in April 2019. The alleged violations occurred while he was a Registered Representative with the London branch of CIBC World Markets Inc., an IIROC-regulated firm. Mr. Nother is not currently registered with an IIROC-regulated firm.

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.

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IIROC is the pan-Canadian self-regulatory organization that 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 175 Canadian investment dealer firms and their nearly 30,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and 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

Enforcement Contact: Charles Corlett, Director, Enforcement Litigation, 416 646-7253, [email protected]; Media Contact: Andrea Zviedris, Manager, Media Relations, 416 943-6906, [email protected]

Related Links

www.iiroc.ca