VANCOUVER, July 20, 2012 /CNW/ - Following a disciplinary hearing held on Wednesday, May 23, 2012, in Winnipeg, Manitoba, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Mr. Douglas Michael Warkentin was liable of falsifying a personal account statement from CIBC Wood Gundy, which he then submitted to his firm Wellington West Capital Inc. as part of a leverage loan account application. Mr. Warkentin was also found liable for making misleading statements to his employer.
The panel's decision, and a copy of the Agreed Statement of Facts submitted to the panel, will be made available at www.iiroc.ca.
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.
Specifically, in the Agreed Statement of Facts, Mr. Warkentin admitted the following violations:
|(a)||In January 2011, Mr. Warkentin created a falsified document, which he submitted to his employer with the intention the document be acted upon as genuine, contrary to Dealer Member Rule 29.1;|
|(b)||In January 2011, Mr. Warkentin made misleading statements to his employer, contrary to Dealer Member Rule 29.1.|
The Hearing Panel imposed the following penalty on Mr. Warkentin:
|(a)||A $25,000 fine;|
|(b)||A period of suspension from registration in any category with IIROC for 6 months effective February 1, 2012; and|
|(c)||Successful completion of the Conduct and Practices Handbook examination upon registration with IIROC.|
Mr. Warkentin is also required to pay costs in the amount of $5,000.
IIROC formally initiated the investigation into Mr. Warkentin's conduct in May 2011. The alleged violations occurred when he was a Registered Representative with a Winnipeg branch of Wellington West Capital Inc., an IIROC-regulated firm. Mr. Warkentin is not currently a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=0217A636982A4D38B91E55263330584C&Language=en
The Agreed Statement of Facts submitted to the Hearing Panel is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=EF311ECD8B49453FA6D9465C0EABBA2A&Language=en
The decision can be found at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=36FE06A4D1714FA786DC7C374ED01D6C&Language=en
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.
For further information:
Vice President, Western Canada
Director, Public Affairs