VANCOUVER, May 27, 2020 /CNW/ - An appearance has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) for the purpose of setting a date for the disciplinary hearing in the matter of Mohammad Movassaghi.
The discipline hearing concerns the following allegations:
(a) Between July and September 2016, Mr. Movassaghi transferred several client accounts without their full authorization and without disclosing the early redemption fees that would be incurred on the sale of the products, contrary to Dealer Member Rules 29.9 and 1300.1 (a).
(b) Between July and September 2016, Mr. Movassaghi falsified client signatures on account documentation, or knew or ought to have known that certain clients' documents were falsified, or failed to exercise due diligence to ensure that certain clients' documents were not falsified, contrary to Dealer Member Rule 29.1 and Consolidated Rule 1400 (for conduct after September 1, 2016).
(c) On December 14, 2016 and February 13, 2019, Mr. Movassaghi misled Enforcement Staff in sworn interviews, contrary to Consolidated Rule 1400.
IIROC formally initiated the investigation into Mr. Movassaghi's conduct in December 2017. The alleged violations occurred while he was a Registered Representative with the Vancouver branch of Harbourfront Wealth Management Inc., an IIROC-regulated firm. Mr. Movassaghi is no longer a registrant with an IIROC regulated firm.
The set date appearance is open to the public, unless the Hearing Panel orders otherwise. Members of the public who would like to attend the appearance should contact IIROC's National Hearing Coordinator at [email protected] to obtain the details. The date for the discipline hearing will be made available at www.iiroc.ca.
Set Date Appearance: The hearing will be held by way of teleconference on June 16, 2020 at 12:45 p.m.
Location: Vancouver, BC
The Notice of Hearing and Statement of Allegations which sets out the allegations is available at:
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 more than 170 Canadian investment dealer firms and their more than 29,000 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
For further information: Enforcement Contact: Warren Funt, Vice-President, Western Canada, 604 331-4750, [email protected]; Media Contact: Andrea Zviedris, Manager, Media Relations, 416 943-6906, [email protected]