TORONTO, Jan. 27 /CNW/ - On January 18, 2010, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement between the IIROC Staff and Stephen Taub (the "Respondent"). Pursuant to the Settlement Agreement, the Respondent admitted that:
(a) Between November 1998 and June 2003 (the "Material Time"), the
Respondent engaged in conduct unbecoming contrary to Association By-
law 29.1 in that he failed in his role as gatekeeper and facilitated
certain trading activity for certain clients that, alone or in
combination, was a possible indicator of conduct that was
potentially illegal, manipulative, deceptive or an improper control
Pursuant to the Settlement Agreement, the Hearing Panel imposed the
following penalty against the Respondent:
(a) a permanent ban from receiving registration approval in any capacity
with any Dealer Member of IIROC; and
(b) a global fine in the sum of $50,000.00.
The Respondent also agrees to pay costs in the amount of $15,000.00.
The IDA formally initiated the investigation into the Respondent's conduct in July 2001. The violations occurred when the Respondent was a Registered Representative with the Toronto Branches of Brant Securities Limited and Research Capital Corporation, both IIROC-regulated firms. The Respondent is no longer a registrant with IIROC-regulated firms.
The Hearing Panel has not yet issued its Reasons and Decision. The Settlement Agreement is 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: Alex Popovic, Vice President, Enforcement, (416) 943-6904, firstname.lastname@example.org; Jeff Kehoe, Director, Enforcement Litigation, (416) 943-6996, email@example.com