TORONTO, Oct. 15, 2012 /CNW/ - Following a disciplinary hearing held on February 21, 22 and 23, 2012, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found that Steven George Conville participated in and facilitated a scheme, including preparing false client account statements, to obtain a mortgage.
The panel's decision dated June 11, 2012 is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=21C03040E5CC4076ADCEAFC19CAC3835&Language=en.
|Specifically, the panel found that Mr. Conville committed the following violations:|
|Between March 2009 and May 2009, Mr. Conville participated in and facilitated a scheme in which two friends of his would obtain a mortgage based on fraudulent grounds and use the proceeds to purchase Mr. Conville's residence, thereby violating Dealer Member Rule 29.1.|
A separate hearing has been scheduled to determine the penalty to be imposed on Mr. Conville.
The penalty hearing is open to the public, unless the panel orders otherwise. The decision of the Hearing Panel 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 Dates:||November 7, 2012 at 10:00 a.m.|
|Location:||Legal Transcript Services,|
|350 Bay Street, 7th floor|
|Toronto, Ontario M5H 2S6|
IIROC formally initiated the investigation into Mr. Conville's conduct in May 2009. It is alleged that the violations occurred when Mr. Conville was a Registered Representative with a Markham, Ontario Branch of Macquarie Private Wealth Inc., formerly Blackmont Capital Inc., an IIROC-regulated firm. Mr. Conville is still a Registered Representative with Macquarie Private Wealth.
* * *
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