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Enforcement Notice - IIROC Hearing Panel Finds Former Barrie Investment Advisor Alvin Rupert Jones Liable

·3 mins read

A separate hearing will be held to determine the penalty to be imposed

BARRIE, ON, Sept. 21, 2020 /CNW/ - A Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) found Alvin Rupert Jones liable for conducting outside business that involved two of his clients without informing and without the approval of his employer.

The Hearing Panel's reasons for the decision on liability, dated August 28, 2020, are available at: http://www.iiroc.ca/documents/2020/57a70798-76e8-43ae-b0d9-ba859c663dc6_en.pdf

Specifically, the Hearing Panel found that Mr. Jones committed the following violation:

(a) Between June 2015 and April 2017, Mr. Jones conducted outside business that involved two of his clients without informing and without the approval of his employer, contrary to Dealer Member Rule 18.14 and Consolidated Rule 1400 (prior to September 1, 2016, Dealer Member Rule 29.1).

A separate hearing will be held to determine the penalty to be imposed on Mr. Jones.

Hearing Date: The hearing will be held by way of videoconference October 19, 2020 at 10:00 a.m.

The hearing is open to the public, unless the Panel orders otherwise. Members of the public who would like to attend the hearing should contact IIROC's National Hearing Coordinator at NHC1@iiroc.ca to obtain the details. The decision of the Hearing Panel 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.

IIROC formally initiated the investigation into Mr. Jones's conduct in August 2017. The alleged violations occurred while he was a Registered Representative with the Barrie branch of Manulife Securities Inc., an IIROC-regulated firm. Mr. Jones is no longer a registrant with an IIROC-regulated firm.

* * *

IIROC is the pan-Canadian self-regulatory organization that 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 175 Canadian investment dealer firms and their nearly 30,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces 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


View original content: http://www.newswire.ca/en/releases/archive/September2020/21/c2396.html