TORONTO, April 20, 2012 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) to consider whether the panel should accept a Settlement Agreement entered into between staff of IIROC, Trapeze Capital Corp., Herbert Abramson and Randall Abramson.
The Agreement concerns conduct that Trapeze Capital Corp., Mr. Herbert Abramson and Mr. Randall Abramson inaccurately assessed the risk associated with many of the investments purchased on behalf of clients in managed accounts, thereby failing to ensure investments were suitable for all of their clients.
The hearing will not be open to the public, but will become open in the event the panel accepts the agreement. If the agreement is accepted, the panel's decision and reasons, together with the agreement, 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 27, 2012|
|| JPR Meeting rooms 390 Bay Street - 3rd floor
Hearing Room C
IIROC formally initiated the investigation into Trapeze Capital Corp.'s, Mr. Herbert Abramson's and Mr. Randall Abramson's conduct in July 2009. Trapeze Capital Corp is an IIROC-regulated firm. The conduct occurred when Mr. Herbert Abramson and Mr. Randall Abramson were Registered Representatives and Portfolio Managers with Trapeze Capital Corp. Mr. Randall Abramson was President, Chief Compliance Officer and Ultimate Designated Person of Trapeze, and Mr. Herbert Abramson was the Chairman, Alternate Designated Person, and a director of Trapeze when the conduct occurred. Mr. Herbert Abramson and Mr. Randall Abramson continue to be Registered Representatives with Trapeze Capital Corp.
* * *
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: