VANCOUVER, June 16 /CNW/ - The August 9, 2004, decision of a Hearing
Panel of the Investment Dealers Association of Canada ("IDA") in the matter of
Kianosh Rahmani was reviewed at Mr. Rahmani's request by the British Columbia
Securities Commission ("BCSC") on April 28, 2009.
The BCSC released its decision on May 26, 2009. It set aside the
permanent ban that the IDA decision imposed on Mr. Rahmani for having failed,
as required, to disclose to IDA Registration an outstanding criminal charge.
In 2004, the IDA Panel found that Kianosh Rahmani breached two bylaws
when he failed to disclose that he was subject to a criminal charge on
registration renewal and application forms. The IDA Panel ordered that he be
permanently prohibited from approval to act in any registered capacity with
any IDA member. He was also fined $15,000 and ordered to pay costs of $15,000.
Rahmani did not dispute the IDA Panel decision with respect to liability
or the fines and costs. Accordingly, these remain in place. Instead, he asked
a BCSC panel to substitute for the permanent ban a suspension of no longer
than five years.
The BCSC Panel set aside the permanent prohibition and stated further
that "Since the expiry date has long since passed for any suspension that may
have been reasonable in the circumstances, we make no further order."
IIROC formally initiated the investigation into the Respondent's conduct
on August 9, 2002. The violations occurred when the Respondent was a
Registered Representative with the 2100-885 West Georgia Street Branch of CIBC
World Markets Inc. and the 2200-609 Granville Street Branch of Canaccord
Capital Corporation. The Respondent is no longer a registrant with an
To obtain a copy of the review decision, please contact the Secretary
Office of the British Columbia Securities Commission or view the BCSC's
website at www.bcsc.bc.ca.
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
For further information:
For further information: Warren Funt, Vice President, Western Canada,
(604) 331-4750, firstname.lastname@example.org; Jeff Kehoe, Director, Enforcement, (416)