CALGARY, May 20 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada to hear evidence in the matter of Dale Richard Wells. The matter concerns allegations Mr. Wells engaged in business conduct unbecoming or detrimental to the public interest when he acted in the role of an advisor without being registered as one.
The hearing is open to the public, unless the Hearing Panel orders otherwise. The Notice of Hearing is available on IIROC's website. The Hearing Panel's decision and reasons will be made public when available.
Hearing Date: 10 am, September 2, 2010
Location: Room 104, Calgary TELUS Convention Centre
120-9 Ave SE, Calgary
The hearing concerns an allegation that Mr. Wells entered into an arrangement to supply a financial services company with his own computer-generated research that recommended buy and sell opportunities related to mutual funds in return for a fee, and that this information was used regularly by that firm to make trades in its investment fund. It is alleged that Mr. Wells acted as an advisor within the meaning of the Alberta Securities Act without being registered as such, contrary to IIROC Rule 29.1.
IIROC began the investigation in March 2008. The violations occurred between 2006 and 2008 when Mr. Wells was a Registered Representative at the Lloydminster, Alberta branch of First Financial Securities Inc., an IIROC-regulated firm. Mr. Wells is currently a Registered Representative at First Financial.
IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive 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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information: For further information: Warren Funt, Vice President - Western Canada, (604) 331-4750, firstname.lastname@example.org; Jeff Kehoe, Acting Vice President, Enforcement, (416) 943-6996; email@example.com