VANCOUVER, B.C., Aug. 12 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has imposed a permanent ban from registration on Dirk Christian Lohrisch for a series of violations which include misrepresenting his credentials, forgery and attempting to obstruct an IIROC investigation.
The penalty imposed by the Panel at its May 27, 2010 hearing also includes an order for Mr. Lohrisch to pay a fine of $40,000 and costs of $27,000. The permanent ban prohibits Mr. Lohrisch "from approval in all capacities."
Following a disciplinary hearing on April 20, 2010 in Vancouver, the panel found Mr. Lohrisch engaged in conduct unbecoming or detrimental to the public interest, a breach of IIROC Rule 29.1, when he:
(a) Submitted to the Investment Dealers Association of Canada (now
IIROC) a Change of Registration Information Form which was
misleading about his credentials;
(b) Submitted or caused to be submitted to IIROC a document that he
forged or caused to be forged with the intent that IIROC act upon
that document as if it were the original; and
(c) Attempted to frustrate and/or obstruct IIROC's investigation into
his conduct by not responding truthfully or completely with respect
to the counts above contrary to IIROC Rule 19.6.
"The forgery perpetrated by the Respondent in this case is egregious and again indicates the complete failure of the Respondent to understand or practice the principles required of a professional in the securities industry," said the panel in its decision. "There are no short cuts to registration." The panel's full Reasons for Decision are available on the IIROC website.
IIROC began the investigation into Mr. Lohrisch's conduct on July 6, 2009. The violations occurred in 2003 and 2009, while he was employed at the Vancouver head office of Canaccord Financial Ltd., an IIROC-regulated firm. Mr. Lohrisch is no longer employed with an IIROC-regulated firm.
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
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