TORONTO, Dec. 9 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) to set a date for a disciplinary hearing for Shaun Gerard McErlean.
The hearing concerns allegations that Mr. McErlean used false statements to mislead clients about the value of their investment accounts. It is also alleged that he conducted discretionary trading without approval, and that he personally compensated clients for financial losses without the knowledge or approval of his firm.
The set date hearing is open to the public, unless the panel orders otherwise. The date for the discipline hearing will be made available at www.iiroc.ca.
Hearing Date: 9:30 am, Thursday, January 13, 2011
Location: Legal Transcript Services, 390 Bay Street, 11th floor, Toronto
Specifically, it is alleged that:
|1.||From January 2008 to January 2009, Mr. McErlean engaged in business conduct unbecoming or detrimental to the public interest, contrary to IIROC Rule 29.1 in that he:|
|(i)||provided falsified account documents to two clients; and|
|(ii)||misrepresented investment information to two clients about their accounts.|
|2.||From July 2005 to January 2009, Mr. McErlean made discretionary trades in the account of a client without first having the client's written authorization or having the account approved as discretionary by his firm, contrary to IIROC Rule 1300.4.|
|3.||Between December 2008 and January 2009, Mr. McErlean personally compensated two of his clients for losses in their accounts without the knowledge or approval of his firm, contrary to IIROC Rule 29.1.|
IIROC formally began the investigation into Mr. McErlean's conduct in March 2009. The allegations occurred when Mr. McErlean was a Registered Representative with the Toronto branch of CIBC World Markets, an IIROC-regulated firm. Mr. McErlean is no longer a registrant with an IIROC-regulated firm.
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 and permanent bans or terminations 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.
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.
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