IN THE MATTER OF Sarkis Sarkissian - Penalty

MONTRÉAL, Feb. 22 /CNW/ - Following a disciplinary hearing held on March 17, 18, 19 and 20, April 28 and 29, May 1, 2 and 14, June 2, 3, 4, 18, 19, and 20, 2008 and March 20, 2009, in Montréal (Québec), a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found Sarkis Sarkissian (the Respondent):

    
    (a) guilty of Counts 1 to 44, which, for purposes of this notice, have
        been grouped as follows:

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    Counts 1 to 5            Failure to learn and remain informed of the
                             essential facts relative to his clients
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    Counts 6 to 13           Transactions not permitted under the terms of
     and 23 to 39            the approval granted by IIROC to the Respondent
                             as a registered representative (mutual funds)
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    Counts 14 to 17          Failure to use due diligence when accepting
                             instructions given by an agent
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    Counts 18 to 22 and 40   Participation in a scheme
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    Counts 41 and 42         Off-book transactions not recorded in the books
                             of iForum
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    Counts 43 and 44         Failure to provide the information required by
                             IIROC
    -------------------------------------------------------------------------
    

The Hearing Panel issued its Decision and Reasons on September 16, 2009. In a separate penalty decision dated January 19, 2010, the Hearing Panel imposed the following penalties on the Respondent :

    
    (a) a permanent ban on approval of the Respondent as a registered
        representative;

    (b) orders Respondent to pay IIROC the following fines:

        -   counts 1 to 5:               $50,000
        -   counts 6 to 13 and 23 to 39: $30,000
        -   counts 14 to 17:             $50,000
        -   counts 18 to 22 and 40:     $300,000
        -   counts 41 and 42:            $30,000
        -   counts 43 and 44:            $15,000
    

The Hearing Panel also ordered the Respondent to pay costs in the amount of $150,000.

IIROC formally initiated the investigation into the Respondent's conduct in November 2005. The violations occurred while the Respondent was a registered representative (mutual funds) at the Montréal branch of iForum Securities Inc. The Respondent has not been employed with an IIROC-regulated firm since August 10, 2006.

The decision and reasons of the Hearing Panel may be viewed 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.

For further information: Carmen Crépin, Vice President, Québec, [phone], [email protected]; Jeff Kehoe, Director, Enforcement Litigation, [phone], [email protected]