TORONTO, Dec. 7, 2012 /CNW/ - A penalty hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Peter Michael Deeb.
The panel will consider the penalty to be imposed as a result of their decision dated November 13, 2012 which found that Mr. Deeb failed to keep and maintain a proper set of books and records, contrary to IIROC Dealer Member Rule 17.2, IIROC Dealer Member Rule 200 and National Instrument 31-103 and refused to provide access to certain books and records despite a request by IIROC staff, contrary to IIROC Dealer Member Rule 19.6.
The panel dismissed allegations that Mr. Deeb engaged in conduct unbecoming, contrary to IIROC Dealer Member Rule 29.1 by profiting at the expense of his clients and failing to ensure client priority and that he engaged in conduct unbecoming, contrary to IIROC Dealer Member Rule 29.1, by engaging in a practice commonly known as "free-riding".
The Hearing Panel's liability decision is available at:
The panel's reasons will follow.
The penalty hearing is open to the public, unless the panel orders otherwise. The panel's decision 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.
|Hearing Date:||December 13, 2012, 10:00 a.m.|
|| JPR Meeting Rooms
390 Bay Street - 3rd Floor
Hearing Room C
IIROC formally initiated the investigation into Mr. Deeb's conduct in December 2009. The violations occurred when he was registered with Hampton Securities Ltd. ("Hampton"), an IIROC-regulated firm. Mr. Deeb continues to be an IIROC registrant at Hampton.
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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
For further information:
Vice President, Enforcement
Director, Public Affairs