VANCOUVER, Dec. 18, 2012 /CNW/ - An appearance has been scheduled before
a Hearing Panel of the Investment Industry Regulatory Organization of
Canada (IIROC), for the purpose of setting a date for the disciplinary
hearing in the matter of Henry Martens.
The discipline hearing concerns allegations that Mr. Martens failed to
use due diligence to know the essential facts relative to two of his
clients and to ensure that the recommendations he made for them were
suitable. He also made discretionary trades in the two client accounts.
The set date appearance is open to the public, unless the panel orders
otherwise. The date for the discipline hearing will be made available
January 7, 2013, 10:00 a.m.
Reportex Agencies Ltd.
925 West Georgia Street, Suite 1010
Specifically, the allegations are that:
From approximately January 26, 2007 to June 2, 2009, Mr. Martens failed
to use due diligence to learn and remain informed of the essential
facts relative to two clients, contrary to IDA Regulation 1300.1(a) (
IIROC Rule 1300.1(a) after June 1, 2008);
From approximately February 1, 2007 to April 13, 2008, Mr. Martens
failed to use due diligence to ensure the recommendations he made for
two clients were suitable based on their financial situation,
investment knowledge, investment objectives and risk tolerance,
contrary to IDA Regulation 1300.1(q); and
From approximately February 1, 2007 to May 6, 2008, Mr. Martens made
discretionary trades in the two client accounts without first having
the accounts approved and accepted as discretionary accounts, contrary
to IDA Regulation 1300.4.
IIROC formally initiated the investigation into Mr. Martens' conduct in
February 2012. The alleged violations occurred when he was a
Registered Representative with the Kelowna branch of Wolverton
Securities Ltd., an IIROC-regulated firm. Mr. Martens is no longer a
registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations 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 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.
SOURCE: Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information:
Vice President, Western Canada
Vice President, Public Affairs