MONTREAL, QC, Aug. 2, 2012 /CNW/ - On May 7, 2012, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement, with sanctions, between IIROC staff and Nicole Arvanitakis.
Ms. Arvanitakis admitted that she violated IIROC rules by misrepresenting her credentials upon registration.
Specifically, Ms. Arvinatakis admitted to the following violation:
|(a)||Between January 16, 2009 and April 2010, she intentionally led IIROC and two IIROC Dealer Members to believe, notably by means of a forgery, that she met the specific education criteria to carry on the occupation of Registered Representative, knowing that this was false, contrary to IIROC Dealer Member Rule 29.1.|
Pursuant to the Settlement Agreement, Ms. Arvanitakis agreed to the following penalty:
|(a)||A fine of $10,000; and|
|(b)|| A permanent ban.
Ms. Arvanitakis also agreed to pay IIROC costs in the amount of $5,000.
The Settlement Agreement and the Hearing Panel's decision dated May 7, 2012 are 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 Ms. Arvanitakis' conduct in April 2010. The violations occurred when she was a Registered Representative at the Montréal branch of HSBC Securities (Canada) Inc. and at CIBC World Markets Inc. Ms. Arvanitakis 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.
SOURCE: Investment Industry Regulatory Organization of Canada (IIROC) - General News
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