VANCOUVER, Feb. 22, 2012 /CNW/ - On January 30, 2012, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement between IIROC staff and James Wenman.
Mr. Wenman admitted that between June 2008 and January 2009 he engaged in undisclosed personal financial dealings with a client by loaning his client money on three separate occasions without the consent of his firm, contrary to IIROC Dealer Member Rule 29.1.
Pursuant to the Settlement Agreement, Mr. Wenman agreed to the following penalty:
a) A fine in the amount of $10,000;
b) To retake and successfully complete Conduct and Practices Handbook Course before seeking registration with IIROC again; and
c) If registered with IIROC in the future, be subject to a one year period of close supervision by his firm, in addition to any period of supervision required of a newly registered approved person.
Mr. Wenman also agreed to pay costs in the amount of $2,500.
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. Wenman's conduct in February 2010. The violations occurred when he was a Registered Representative with the Victoria, British Columbia branch of Canaccord Genuity Corp., an IIROC-regulated firm. Mr. Wenman is no longer a registrant with an IIROC-regulated 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.
For further information:
Vice President, Western Canada
Director, Public Affairs