VANCOUVER, July 20, 2015 /CNW/ - The disciplinary hearing commenced on March 3, 2015 before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) is set to resume in the matter of Yu Qiong (Kevin) Li.
After hearing submissions on March 3, 2015, the Hearing Panel issued a decision dated May 22, 2015: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=BFC673691ACE4CE3B8BF1EB8F7973436&Language=en, which addressed preliminary issues related to service of the Notice of Hearing.
The hearing concerns allegations that Mr. Li made unauthorized purchases in one client's account, made discretionary transactions in a number of clients' accounts, and tried to disguise those discretionary trades by designating them as "unsolicited" orders on the trade tickets. It is also alleged that Mr. Li refused to provide IIROC with information required for its investigation into his conduct.
The hearing is open to the public, unless the hearing Panel orders otherwise. The decision of the Hearing 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.
September 15-16, 2015 at 10:00 a.m.
Reportex Agencies Ltd.
925 West Georgia Street, Suite 1010
IIROC formally initiated the investigation into Mr. Li's conduct in March 2012. The alleged violations occurred while he was a Registered Representative with a Richmond branch of TD Waterhouse Canada Inc., an IIROC-regulated firm. Mr. Li is no longer a registrant with an IIROC-regulated firm.
The Amended Notice of Hearing which sets out the allegations is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=01CBA76864724BFA876A4950FAA3D711&Language=en.
* * *
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 1877 442-4322.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information: Enforcement Contact: Warren Funt, Vice President, Western Canada, 604 331-4750, [email protected]; Media Contact: Karen Archer, Senior Media and Public Affairs Specialist, 416 865-3046, [email protected]