TORONTO, Oct. 15, 2013 /CNW/ - A hearing was originally scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), in the matter of Rajiv Puri on September 10, 2013. The hearing was adjourned to December 10, 2013.
The hearing concerns allegations that Mr. Puri was registered in the United States without disclosing those registrations to his Member firm and that he opened accounts for clients in connection with the purchase of an Over the Counter Bulletin Board stock, without conducting adequate due diligence into the opening of the accounts.
The hearing is open to the public, unless the Hearing Panel orders otherwise. 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.
Hearing Date: Tuesday, December 10, 2013 at 10:00 a.m.
Location: IIROC, 121 King Street West, Suite 2000, British Columbia room, Toronto, Ontario
Specifically, the allegations are that:
(a) From September 2008 to January 2012, while an IIROC registrant, Mr. Puri was registered in the United States with three Financial Industry Regulatory Authority member firms, without disclosing those registrations to his IIROC Member firm, thereby engaging in conduct unbecoming or detrimental to the public interest, contrary to IIROC Dealer Member Rule 29.1; and
(b) On or about February to July 2011, Mr. Puri opened accounts for six clients in connection with the purchase of MobileBits Holdings Corp., an Over the Counter Bulletin Board stock, without conducting adequate due diligence into the opening of the accounts, contrary to IIROC Dealer Member Rules 29.1 and/or 1300.1(a).
IIROC formally initiated the investigation into Mr. Puri's conduct in November 2011. The alleged violations occurred when he was a Registered Representative with PWM Capital, an IIROC-regulated firm. Mr. Puri is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at
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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