TORONTO, Feb. 7, 2019 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) has scheduled a hearing to consider whether a Hearing Panel should accept the Settlement Agreement entered into between IIROC staff and Carlos Manuel Vargas.
The agreement concerns allegations that Mr. Vargas was involved in improper trading activity. He obtained allocations of new issues to trade for his employer's own pro-trading inventory accounts or his own personal trading accounts in circumstances where he knew, or ought to have known, he had no or limited retail demand for the new issues.
The hearing is not open to the public, but will become open in the event that the panel accepts the agreement. If the agreement is accepted, the Panel's decision and the Settlement Agreement will be made available at www.iiroc.ca.
February 13, 2019 at 10:00 a.m.
IIROC, 121 King Street West, Suite 2000, Toronto, Ontario
IIROC formally initiated the investigation into Mr. Vargas' conduct in December 2013. The alleged violation occurred while he was a Registered Representative with the Toronto branches of Global Maxfin Capital Inc. and Chippingham Financial Group Inc., both IIROC-regulated firms. Mr. Vargas is no longer a registrant with an IIROC-regulated firm.
The Notice of Motion announcing the settlement hearing is available at: http://www.iiroc.ca/Documents/2019/f54022e8-3b55-4f1c-90b7-0b5c9cd4de27_en.pdf.
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 national 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: Charles Corlett, Director, Enforcement Litigation, 416 646-7253, [email protected]; Media Contact: Andrea Zviedris, Manager, Media Relations, 416 943-6906, [email protected]