TORONTO, July 5 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has suspended Nancy Esson for 12 months and fined her $25,000 after finding she placed herself in a conflict of interest with her clients. A second charge involving unauthorized trading in four client accounts was dismissed.
Following a disciplinary hearing on June 8, 2010, in Toronto, the Hearing Panel found Nancy Esson engaged in conduct unbecoming or detrimental to the public interest, a breach of IIROC Rule 29.1, when she:
- Placed herself in a conflict of interest when she received shares of
a company from a client with no indication of whether she paid for
them; then sold the same client's debenture holdings in that company
to several other of her clients.
In addition to the fine and suspension, the penalty also stipulated that Ms. Esson successfully complete the Conduct and Practices Handbook examination before being reapproved for registration by IIROC and pay costs in the amount of $2,000. The panel's written Reasons have been posted on the IIROC website.
The Investment Dealers Association of Canada (now IIROC) began the investigation on January 23, 2006 when Ms. Esson was a Registered Representative employed at the Toronto branch of Secutor Capital Management Corp., an IIROC-regulated firm. She is no longer registered in any capacity 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
For further information: For further information: Elsa Renzella, Acting Director, Enforcement Litigation, 416.943-5877, email@example.com