Enforcement Notice - Hearing - IIROC Will Hold a Settlement Hearing in the Matter of Montréal Investment Advisor Naghmeh Sabet

MONTRÉAL, Dec. 9, 2020 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) to consider whether the Hearing Panel should accept a Settlement Agreement entered into between IIROC staff and Naghmeh Sabet.

The Settlement Agreement concerns allegations that Mrs. Sabet recommended the purchase and holding of securities that were unsuitable for a client, pursuant to this client's investment objectives, and that she engaged in personal financial dealings with a client by accepting the offer of a short-term loan by the client for an imminent real estate transaction.

The hearing is not open to the public but will become open if and when the Panel accepts the agreement. Members of the public who wish to attend must contact IIROC's National Hearing Coordinator at [email protected] for more information. If the agreement is accepted, the Panel's decision and the Settlement Agreement will be made available at http://www.iiroc.ca.

Appearance Date: The hearing will be held by videoconference on January 19, 2021 at 9:30 a.m.

IIROC formally initiated the investigation into Mrs. Sabet's conduct in August 2017. The alleged contraventions occurred while Mrs. Sabet was a registered representative with the Montréal branch of Scotia Capital Inc., an IIROC-regulated firm. Mrs. Sabet is still employed with Scotia Capital Inc.

The Notice of Application for Settlement Hearing is available at http://www.iiroc.ca/documents/2020/7f3faab5-1b4d-4e66-995b-f11fd523150a_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 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: Claudyne Bienvenu, Vice-President, Québec and Atlantic, 514 878-2854, [email protected]; Media Contact: Andrea Zviedris, Manager, Media Relations, 416 943-6906, [email protected]

Related Links

www.iiroc.ca