Enforcement Notice - Decision - IN THE MATTER OF Julian Robert Ricci - Penalty Decision
TORONTO, June 17, 2014 /CNW/ - Following a penalty hearing held on May 27th and May 28th, 2014, a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC) imposed the following penalties on Julian Robert Ricci:
- A prohibition from reapplying for registration with IIROC for two years starting from June 9th, 2014;
- Upon registration, a period of strict supervision for one year; and
- A fine of $200,000.
Mr. Ricci is also required to pay costs in the amount of $15,000.
The penalty decision can be found at:
Mr. Ricci admitted to the following:
a) From or about August 2011 to April 2013, Mr. Ricci engaged in conduct unbecoming a registrant or detrimental to the public interest, in that he made misrepresentations to his firm's compliance staff by inflating certain clients' net worth, contrary to IIROC Dealer Member Rule 29.1; and
b) From or about August 2011 to April 2013, Mr. Ricci engaged in conduct unbecoming a registrant or detrimental to the public interest, in that he falsely endorsed the signatures of several clients on certain client account documentation and other forms, contrary to IIROC Dealer Member Rule 29.1.
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. Ricci's conduct in May 2013. The violations occurred while he was a Registered Representative with the Burlington branch of Macquarie Private Wealth Inc. [now Richardson GMP]; at the relevant time an IIROC-regulated firm. Mr. Ricci is no longer a registrant with an IIROC-regulated firm.
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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