TORONTO, March 12 /CNW/ - On Wednesday February 24th, 2010, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement between IIROC Staff and the Respondent Antonio Cornacchia (the "Respondent"). Pursuant to the Settlement Agreement, the Respondent admitted that:
Count 1: On or about November 2005, the Respondent used a cheque signed
by client JCP for an improper purpose, namely to pay another
TDW client, thereby constituting conduct unbecoming, contrary
to IDA By law 29.1.
Count 2: During January to August 2006, the Respondent transferred funds
from various client accounts to other client accounts, without
the clients' full knowledge or consent, thereby constituting
conduct unbecoming, contrary to IDA By law 29.1.
Count 3: On or about August 2006 the Respondent caused an account to be
opened without client CT's knowledge or consent, thereby
constituting conduct unbecoming, contrary to IDA By law 29.1.
Pursuant to the Settlement Agreement, the Hearing Panel imposed the following penalty against the Respondent:
A permanent ban on approval of registration in any capacity with IIROC.
The Investment Dealers Association (IDA) formally initiated the investigation into the Respondent's conduct in October 2006. The violations occurred when the Respondent was a Registered Representative with the Woodbridge Branch of TD Waterhouse Canada Inc. The Respondent is no longer a registrant with an IIROC regulated firm. This matter was reported to the police of local jurisdiction.
The Hearing Panel will issue its Reasons and Decision in due course. The Settlement Agreement is available at www.iiroc.ca
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: Alex Popovic, Vice President, Enforcement, (416) 943-6904, firstname.lastname@example.org; Jeff Kehoe, Director, Enforcement Litigation, (416) 943-6996, email@example.com