VANCOUVER, Nov. 17 /CNW/ - Following a disciplinary hearing held on November 4, 2009, in Vancouver, BC, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that David Kenneth Smith (the Respondent) refused and/or failed to attend and give information in respect of an IIROC investigation that was commenced due to two client complaints regarding unsuitable investments that the Respondent made on their behalf, contrary to IIROC Dealer Member Rules 19.5 and/or 29.1.
The Hearing Panel imposed the following penalties against the Respondent:
(a) payment of a $50,000 fine;
(b) a permanent ban on registration in any capacity; and
(c) payment of costs in the amount of $4,329.00.
IIROC formally initiated the investigation into the Respondent's conduct on July 31, 2008. The Respondent is no longer registered in any capacity with an IIROC-regulated firm.
The Hearing Panel issued its Decision and Reasons on November 9, 2009. The Hearing Panel's Decision and Reasons are 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: Warren Funt, Vice President, Western Canada, (604) 331-4750, email@example.com; Jeff Kehoe, Director, Enforcement, (416) 943-6996, firstname.lastname@example.org