VANCOUVER, Aug. 15, 2012 /CNW/ - Following a disciplinary hearing held from November 14, 2011 to December 1, 2011, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Marco Myatovic and Doreen Lowe failed in their roles as gatekeepers by facilitating manipulative or suspicious trading activity in several client accounts, thereby engaging in conduct unbecoming. An allegation of unauthorized trading by Ms. Lowe and an allegation that Mr. Myatovic failed to know his clients were dismissed by the Hearing Panel.
The panel's decision dated July 31, 2012 is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=59FDCA350C9D46C189BD8BEF4E375326&Language=en.
Specifically, the panel found that Mr. Myatovic and Ms. Lowe committed the following violations:
|(a)||During April 2008 to March 2009, Mr. Myatovic failed in his role as gatekeeper by facilitating manipulative or suspicious trading activity in several client accounts by prearranging trades and taking instructions from an individual who was not the account holder, thereby engaging in conduct unbecoming, contrary to IDA By law 29.1 and IIROC Dealer Member Rule 29.1;|
|(b)||During April 2008 to March 2009, Ms. Lowe failed in her role as gatekeeper by facilitating manipulative or suspicious trading activity in several client accounts by pre-arranging trades and taking instructions from an individual who was not the account holder, thereby engaging in conduct unbecoming, contrary to IDA By law 29.1 and IIROC Dealer Member Rule 29.1.|
A separate hearing will be held to determine the penalty to be imposed on Mr. Myatovic and Ms. Lowe, the date 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.
IIROC formally initiated the investigation into Mr. Myatovic's conduct in August 2008 and Ms. Lowe's conduct in February 2009. The violations occurred when Mr. Myatovic was a Registered Representative with the Prince George, British Columbia office of Canaccord Capital Corp. (now Canaccord Genuity Corp.) and when Ms. Lowe was a Registered Representative with the Vancouver, British Columbia office of Research Capital Corporation (now Mackie Research Capital Corporation). Mr. Myatovic is no longer a registrant with an IIROC-regulated firm. Ms. Lowe is an IIROC registrant at the Vancouver office of Global Securities Corporation.
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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.
SOURCE: Investment Industry Regulatory Organization of Canada (IIROC) - General News
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