VANCOUVER, April 3, 2012 /CNW/ - On March 20, 2012, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement between IIROC staff and David Wilson Murdoch.
Mr. Murdoch admitted from August 2005 to February 2008 he failed to adequately supervise Registered Representative David Kenneth Smith and the accounts of a client, contrary to IDA Regulation 1300.2 and Policy No. 2.
Pursuant to the Settlement Agreement, Mr. Murdoch agreed to the following penalty:
a) suspension of registration from approval for 12 months as Branch Manager or from acting in any supervisory capacity; and
b) a $50,000 fine.
Mr. Murdoch also agreed to pay costs in the amount of $3,500.
The Settlement Agreement is available at
Documents related to ongoing IIROC enforcement proceedings - including Reasons and Decisions of Hearing Panels - are posted on the IIROC website as they become available. Click here to search and access all IIROC enforcement documents.
IIROC formally initiated the investigation into Mr. Murdoch's conduct in May 2009. The violations occurred while he was a Branch Manager with the Vancouver branch of Northern Securities Inc. (NSI), an IIROC-regulated firm. Mr. Murdoch is currently registered as a Registered Representative with the same firm.
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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.
IIROC investigates possible misconduct by its member firms and/or individual registrants. It can bring disciplinary proceedings which may result in penalties including fines, suspensions, permanent bars, expulsion from membership, or termination of rights and privileges for individuals and firms.
All information about disciplinary proceedings relating to current and former member firms is available in the Enforcement section of the IIROC website. Background information regarding the qualifications and disciplinary history, if any, of advisors currently employed by IIROC-regulated firms is available free of charge through the IIROC AdvisorReport service. Information on how to make investment dealer, advisor or marketplace-related complaints is available by calling 1.877.442.4322.
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