Vancouver-Based Trader Fined for Layering

 IN THE MATTER OF Russell Waddington– Settlement Accepted

VANCOUVER, July 27, 2017 /CNW/ - On July 17, 2017, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) indicated that it had accepted a Settlement Agreement, with sanctions, between IIROC staff and Russell Waddington.

Mr. Waddington admitted that he entered orders that he did not intend to execute (non-bona fide orders).

Specifically, Mr. Waddington admitted to the following violation:


Between October 2014 and December 2014, he entered orders that he ought reasonably to have known would create, or could reasonably be expected to create, a false or misleading appearance of trading activity in or interest in the purchase or sale of securities or an artificial price for securities, contrary to UMIR 2.2(2) and UMIR Policy 2.2.


Under the Settlement Agreement, Mr. Waddington agreed to the following penalties:


a fine of $10,000; and


a suspension from approval in any capacity from August 1, 2017 to September 1, 2017.


Mr. Waddington also agreed to pay costs in the amount of $1,000.

The Settlement Agreement is available at:

The Hearing Panel's decision will be made available at

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.

IIROC formally initiated the investigation into Mr. Waddington's conduct in June 2015. The conduct occurred while he was a Trader with the Vancouver branch of Mackie Research Capital Corporation (Mackie), an IIROC-regulated firm. Mr. Waddington is still employed as a Trader at Mackie.

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IIROC is the national self-regulatory organization which oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian 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 debt and 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: Enforcement Contact: Warren Funt, Vice-President, Western Canada, 604 331-4750,; Media Contact: Paul Howard, Director, Communications & Public Affairs, 416 646-7279,


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