VANCOUVER, Feb. 10 /CNW/ - Notice is hereby given that an appearance will be held before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), on Tuesday, March 2, 2010, at Reportex Agencies Ltd., located at 925 West Georgia Street, Suite 1010, Vancouver, BC, at 10:00 a.m. or as soon thereafter as the appearance can be held, to set the date for a hearing in the matter of John Anastasious Collias and Karen Marie Young (the Respondents).
The proposed hearing concerns matters for which the Respondents may be disciplined as Approved Persons of IIROC, under Part 10 of IIROC Dealer Member Rule 20.
The hearing concerns allegations that from February 26, 2007 to August 14, 2007 (the Relevant Period) the Respondents failed to properly perform their role as gatekeepers to the capital markets and acted contrary to Rules 1300.1 (a) and 29.1, while employed as Registered Representatives by Gateway Securities Inc. (Gateway), a Member firm. The Respondents facilitated transactions in a client account without making diligent inquiries to learn and remain informed of the essential facts relative to the client and the orders received. They further failed to ensure the legitimacy of the transactions, in circumstances which should have called the transactions into question because it appeared to be consistent with market manipulation, deception or other improper market-related activity.
IIROC formally initiated the investigation into Mr. Collias' conduct on September 6, 2007, and the investigation into Ms. Young's conduct on January 10, 2008. The violations occurred when the Respondents were Registered Representatives with the 1177 West Hastings Street offices of Gateway. The Respondents are no longer registered in any capacity with an IIROC-regulated firm.
The hearing is open to the public, unless the Hearing Panel orders otherwise.
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