VANCOUVER, Nov. 13 /CNW/ - On October 28, 2009, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) accepted a Settlement Agreement between IIROC Staff and Timothy Roy Paziuk (the Respondent). Pursuant to the Settlement Agreement, the Respondent admitted that:
(a) Between July 2005 and January 2008 inclusive, the Respondent
facilitated and participated in the purchase and sale of securities
on behalf of clients and received remuneration from clients which
were conducted and received off the books and records and without the
knowledge of his employer, yourCFO, a Member firm, thereby
engaging in conduct unbecoming or detrimental to the public interest,
contrary to Dealer Member Rule 29.1 and/or Dealer Member rule 18.15;
(b) Between July 2006 and January 2007 inclusive, the Respondent,
contrary to Section 34 of the British Columbia Securities Act,
advised and assisted clients with respect to the purchase and sale of
shares when his registration was restricted to the sale of mutual
funds, thereby engaging in conduct unbecoming and detrimental to the
public interest, contrary to Dealer Member Rule 29.1; and
(c) The Respondent provided a misleading document to his employer,
yourCFO, during the course of an investigation conducted in respect
of off-book accounts, contrary to Dealer Member Rule 29.1.
Pursuant to the Settlement Agreement, the Hearing Panel imposed the following penalty against the Respondent:
(a) a fine in the amount of $20,000.00;
(b) a prohibition against re-approval in any capacity for one month;
(c) successful completion of the Conduct and Practices Handbook
examination as a condition of re-approval; and
(d) strict supervision for one year as a condition of re-approval;
and required the Respondent to pay costs in the amount of $5,000.00
IIROC formally initiated the investigation into the Respondent's conduct on January 9, 2008. The violations occurred when the Respondent was a Registered Representative with the 760 Hillside Avenue, Victoria Branch of yourCFO Advisory Group Inc. The Respondent is no longer registered in any capacity with an IIROC-regulated firm.
The Hearing Panel issued its Reasons and Decision on November 5, 2009. The Settlement Agreement and the Hearing Panel's Decision and Reasons are 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: Warren Funt, Vice President, Western Canada, (604) 331-4750, firstname.lastname@example.org; Jeff Kehoe, Director, Enforcement, (416) 943-6996, email@example.com