TORONTO, Sept. 23, 2021 /CNW/ - A penalty hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Yonathan Chanoch Shields.
The Hearing Panel will consider the penalty to be imposed as a result of their decision dated July 20, 2021, which found that Mr. Shields acted contrary to Dealer Member Rules 1300.1(a) and 1300.1(q). Mr. Shields implemented a high-risk options on futures trading strategy for nine clients. The clients suffered a combined loss of approximately $1.2 million USD.
The Hearing Panel's liability decision is available at:
IIROC formally initiated the investigation into Mr. Shields's conduct in April 2018. The alleged violations occurred while he was a Registered Representative with the Toronto branch of R.J. O'Brien & Associates Canada Inc., an IIROC-regulated firm. Mr. Shields is no longer a registrant with an IIROC-regulated firm.
The penalty hearing is open to the public unless the Hearing Panel orders otherwise. Members of the public who would like to attend the hearing may contact IIROC's National Hearing Officer at [email protected] in advance of the hearing to obtain further details. The decision of the Hearing Panel will be made available at www.iiroc.ca.
Hearing Date: The hearing will be held via videoconference on October 20, 2021 at 10 a.m.
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.
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.
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 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information, visit www.iiroc.ca.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information: Enforcement Contact: Charles Corlett, Vice-President, Enforcement, 416-646-7253, [email protected]; Media Contact: Julia Mackenzie, Public Affairs Specialist, [email protected]