Discipline Decision in the matter of Brian Michael Sutton
TORONTO, July 21, 2017 /CNW/ - Following a Disciplinary Hearing held on January 16-24 and on March 7, 2017, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that former Chief Financial Officer of First Leaside Securities Inc. Brian Michael Sutton failed to ensure that proprietary fund products offered by First Leaside Securities Inc. were properly priced on client account statements.
The Hearing Panel's decision dated July 5, 2017, is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=5ABA9CF15FA949BE9AF0FCD71CE515D9&Language=en
Specifically, the Hearing Panel found that Mr. Sutton committed the following violation:
Between September 2009 and October 2011, Mr. Sutton, as Chief Financial Officer ("CFO") of First Leaside Securities Inc. ("FLSI"), failed to ensure that proprietary fund products recommended and sold by FLSI were properly priced, contrary to IIROC Dealer Member Rule 38.6(c).
A separate hearing will be held to determine the penalty to be imposed on Mr. Sutton, the date of which 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.
IIROC formally initiated the investigation into Mr. Sutton's conduct in May 2013. The violation occurred while he was the CFO with FLSI, formerly an IIROC-regulated firm. Mr. Sutton is no longer a registrant with an IIROC-regulated firm.
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IIROC is the national self-regulatory organization which 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 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 1 877 442-4322.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information: Enforcement Contact: Elsa Renzella, Vice President, Enforcement, 416 943-5877, [email protected]; Media Contact: Paul Howard, Director, Communications & Public Affairs, 416 646-7279, [email protected]