TORONTO, May 22, 2012 /CNW/ - An appearance has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) to set a date for the disciplinary hearing in the matter of Harry Richard Newman.
The hearing concerns allegations Mr. Newman engaged in a practice of excessive and discretionary trading in the account of one of his clients, an elderly woman whom he appears to have targeted to significantly enhance his own income.
The set date appearance is open to the public, unless the panel orders otherwise. The date for the discipline hearing 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.
| Set Date Appearance: | 10:00 a.m., May 24, 2012 | |
| Location: | IIROC - Ontario Room | |
| 121 King Street West | ||
| Suite 2000 | ||
| Toronto, Ontario |
Specifically, the allegations are:
| (a) | between June 2007 and April 2010, Mr. Newman engaged in excessive trading in a client account which was not within the bounds of good business practice and was unsuitable, contrary to IDA Regulations 1300.1 (o) and (p) and IIROC Dealer Member Rules 1300.1(o) and (p); and | |
| (b) | between June 2007 and April 2010, Mr. Newman engaged in discretionary trading without the account being approved and accepted as discretionary by his dealer member firm, contrary to IDA Regulation 1300.4 and IIROC Dealer Member Rule 1300.4. |
IIROC formally initiated the investigation into Mr. Newman's conduct in November 2010. The alleged violations occurred when he was a Registered Representative with a sub-branch of the Toronto branch of Mackie Research Capital Corporation, an IIROC-regulated firm. Mr. Newman is currently registered with Foster & Associates Financial Services Inc., an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at
http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=1FD49C22C18740A8AC7EA530E2BE9A9E&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.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News