MONTREAL, March 2 /CNW/ - On February 9, 2010, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement between IIROC Staff and Patrick Larkin Belland (the Respondent). Pursuant to the Settlement Agreement, the Respondent admitted that:
On or about March 9, 2005, the Respondent engaged in conduct unbecoming
and detrimental to the public interest, contrary to IDA By-law 29.1, when
he effected a transaction in securities in his brokerage account based on
information received from PC, when he knew, or should have known, that
such information constituted or could constitute privileged non-public
information and that he could not engage in trading based on such inside
Pursuant to the Settlement Agreement, the Hearing Panel imposed the following penalty against the Respondent:
Disgorgement of profit in the amount of CA $23,852.73 (conversion of US
$19,748.91 at the exchange rate in effect at the Bank of Canada on
March 15, 2005).
IIROC formally initiated the investigation into the Respondent's conduct on August 27, 2008. The violation occurred when the Respondent was a Registered Representative with the Montréal Branch of Brockhouse & Cooper, an IIROC-regulated firm. The Respondent is still a registered representative of this firm.
The Hearing Panel issued its Reasons and Decision on February 9, 2010. The Settlement Agreement and the Hearing Panel's Decision and Reasons are available at www.iiroc.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 marketplaces.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information: For further information: Carmen Crépin, Vice President, Québec, (514) 878-2854, firstname.lastname@example.org; Jeff Kehoe, Director, Enforcement Litigation, (416) 943-6996, email@example.com