VANCOUVER, April 13, 2012 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) in the matter of Syvert Mytting.
The hearing concerns allegations that Mr. Mytting made unsuitable recommendations and promised to guarantee the future value of a client's account. It is also alleged he made unsuitable recommendations to five other clients to use leveraged loans to fund their investment accounts.
The hearing is open to the public, unless the Hearing Panel orders otherwise. The decision of the 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 Date:||10:00 a.m., April 24-30, 2012|
|Location:|| Reportex Agencies Ltd.
925 West Georgia Street, Suite 1010
Specifically, the allegations are:
|a)||In or about February 2007, Mr. Mytting, in relation to a client:|
|i) acted contrary to IDA By-law 29.1 (now IIROC Dealer Member Rule 29.1) by failing to properly record the client's investment objectives on the New Account Application Form for a new client account; and|
|ii) acted contrary to IDA Rule 1300.1 (q) (now IIROC Rule 1300.1 (q)) by recommending the purchase of securities which were not suitable for the client.|
|b)||In or about August 2007, Mr. Mytting, in relation to a client, acted contrary to IDA By-law 29.1 (now IIROC Dealer Member Rule 29.1) by:|
|i) personally guaranteeing the future value of the client's account without the authorization of his firm; and|
|ii) entering into personal financial dealings with the client and obtaining a potential interest in the client's account by claiming for himself any funds, in excess of the original account value, in the account on a future date; and|
|c)||In 2006 and 2007, Mr. Mytting, in relation to as many as five clients, acted contrary to IDA Rule 1300.1 (q) [now IIROC Rule 1300.1 (q)] by recommending the clients fund part of their investment portfolio using leveraged investment loans to extents which were not suitable for the clients.|
IIROC formally initiated the investigation into Mr. Mytting's conduct in May 2008. The alleged violations occurred when he was a Registered Representative with the Abbotsford, British Columbia branch of Manulife Securities Incorporated (formerly Berkshire Securities Inc.). Mr. Mytting is no longer registered in any capacity with an IIROC-regulated firm..
The Notice of Hearing which sets out the allegations is available at http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=936499D4F3274A6A800CA34FADE01C5E&Language=en.
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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.
For further information:
Vice President, Western Canada
Director, Public Affairs