VANCOUVER, March 1, 2013 /CNW/ - A hearing was originally scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), in the matter of Lawrence Bradley Chang on February 18, 2013. The hearing has been adjourned to April 16, 2013.
The hearing concerns allegations that Mr. Chang executed discretionary transactions in a client account with his client's consent, but without the knowledge of his firm. Mr. Chang made other transactions in the same account without the client's consent or knowledge. He subsequently misrepresented the number of shares of one security held in the account in order to hide those unauthorized transactions.
The hearing is open to the public, unless the panel orders otherwise. The decision of the panel 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.
|Hearing Date:||April 16-18, 2013, 10:00 a.m.|
|Location:||UBC Robson Square,|
|800 Robson Street, Room C400|
Specifically, the allegations are that:
|(a)||From November 2006 through March 2008, Mr. Chang engaged in discretionary trading in a client account without first having the account approved and accepted as a discretionary account, contrary to IDA Regulation 1300.4.|
|(b)||From December 31, 2007 through March 28, 2008, Mr. Chang purchased a combined total of approximately $498,160 of one security in a client account without authorization from the client, contrary to IDA By-law 29.1.|
|(c)||From January 2008 through May 2008, Mr. Chang, contrary to IDA By-law 29.1, made misrepresentations to a client regarding the number of shares held in the client's account in order to hide the fact that he had made unauthorized purchases of a security.|
IIROC formally initiated the investigation into Mr. Chang's conduct in January 2010. The alleged violations occurred when he was a Registered Representative with the Vancouver branch of Canaccord Genuity Corp., an IIROC-regulated firm. Mr. Chang is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at:
* * *
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
For further information:
Vice President, Western Canada
Public Affairs Specialist