MONTREAL, June 15 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) has accepted a settlement agreement, which includes sanctions, between IIROC staff and Jean-Paul Karcz.
Mr. Karcz admitted he executed 842 unauthorized trades in eight client accounts, according to the May 18, 2010 agreement. The agreement calls for Mr. Karcz to pay a fine of $20,000 and pay proceeding costs of $15,000. In addition, he has agreed he must:
- successfully complete the Conduct and Practices Handbook examination
within 12 months of the effective date of this agreement; and
- be put under one year's strict supervision by his firm, which must
issue IIROC a monthly report during that time.
Mr. Karcz made between 13 and 170 discretionary trades in the eight different client accounts, which were never approved as discretionary accounts by his employer, Dundee Securities Corporation, an IIROC-regulated firm. The trading activity was contrary to the provisions of IIROC Rule 1300.4 and Standard C of the Conduct and Practices Handbook.
The activities in question took place between December, 2007, and May, 2010, when Mr. Karcz was a Registered Representative employed at the St. Laurent, QC branch of Dundee. Mr. Karcz is currently registered in the same capacity with Dundee.
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: Carmen Crépin, Vice-President, Québec, 514.878.2854, email@example.com; Jeff Kehoe, Acting Vice President, Enforcement, 416.943.6996, firstname.lastname@example.org