Enforcement Notice - IN THE MATTER OF Henry Martens - Discipline Hearing
VANCOUVER, April 3, 2013 /CNW/ - A hearing has been scheduled before a Hearing Panel of the Investment Industry Regulatory Organization of Canada (IIROC), in the matter of Henry Martens.
The hearing concerns allegations that Mr. Martens failed to use due diligence to know the essential facts relative to two of his customers and to ensure that the recommendations he made for them were suitable. He also made discretionary trades in the two customer accounts.
The hearing is open to the public, unless the panel orders otherwise. The decision of the Hearing Panel will be made available at www.iiroc.ca.
|Hearing Date:||May 21-24, 2013, 10:00 a.m.|
|Location:||Morris J. Wosk Centre for Dialogue|
|580 West Hastings Street, Executive Room 410|
Specifically, the allegations are that:
|(a)||From approximately January 26, 2007 to June 2, 2009, Mr. Martens failed to use due diligence to learn and remain informed of the essential facts relative to two customers, contrary to IDA Regulation 1300.1(a) ( IIROC Rule 1300.1(a) after June 1, 2008);|
|(b)||From approximately February 1, 2007 to April 13, 2008, Mr. Martens failed to use due diligence to ensure the recommendations he made for two customers were suitable based on their financial situation, investment knowledge, investment objectives and risk tolerance, contrary to IDA Regulation 1300.1(q); and|
|(c)||From approximately February 1, 2007 to May 6, 2008, Mr. Martens made discretionary trades in the two customer accounts without first having the accounts approved and accepted as discretionary accounts, contrary to IDA Regulation 1300.4.|
IIROC formally initiated the investigation into Mr. Martens' conduct in February 2012. The alleged violations occurred when he was a Registered Representative with the Kelowna branch of Wolverton Securities Ltd., an IIROC-regulated firm. Mr. Martens is no longer a registrant with an IIROC-regulated firm.
The Notice of Hearing which sets out the allegations is available at: http://docs.iiroc.ca/DisplayDocument.aspx?DocumentID=48E20E7FE3AC4337AD3C7CAF1ABE5EAC&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